Stocks ticked upward again on Thursday, helped by large technology companies that have benefitted from steady bond yields. The Dow gained 57 points to 33,503, the S&P 500 rose 17 points to another record of 4,097, and the Nasdaq rose 140 points to 13,829. The easing of bond yields was taking some pressure off technology stocks, which have slipped over the last few months as yields jumped and made the shares look pricey. The sector has also seen choppy trading as investors shift more money into companies that stand to benefit from the economic recovery, per the AP.
Generally, the stock market has benefited this week from a cooling off in the bond market. Yields, which had been steadily ticking higher, have retreated from highs hit earlier in the month. The yield on the 10-year US Treasury note fell to 1.64% from 1.65% late Wednesday. It had been as high as 1.75% on Monday. Tech stocks were the biggest benefactors, with Apple and Microsoft shares up more than 1% during afternoon trading. Amazon also rose roughly 1%.
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