Stocks bounced back from a wobbly start Monday to notch a fifth straight gain, as Wall Street continued to eye the bond market. The S&P 500 index rose 0.7% to a new high as technology and consumer discretionary shares’ gains were offset by falling banks and energy stocks, the AP reports. The S&P 500 rose 25.60 points to 3,968.94.The Dow Jones Industrial Average rose 174.82 points, or 0.5%, to 32,953.46.The Nasdaq rose 139.84 points, or 1.1%, to 13,459.71. Treasury yields pulled back from Friday’s sharp increase.
Rising interest rates continue to be a key concern for investors following the sudden jump over the last month in bond yields. But rates are not yet at a concerning level, and both the markets and economy can easily digest them, says Yung-Yu Ma, chief investment strategist at BMO Wealth Management. "The question ultimately becomes how well markets can digest and stay the course on the idea that these increases are temporary," he says. "As well as coming to terms with the idea that temporary might be three or four quarters.”
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