US stocks gain to near-record levels as yields fall to 1-month low
- US stocks gained to near-record levels on Tuesday as inflation concerns eased due to falling yields and commodity prices.
- The tech-heavy Nasdaq 100 led the rally higher for the second day in a row, jumping almost half a percent.
- Copper and lumber prices are down about 8% and 30% from their recent high, respectively.
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The tech-heavy Nasdaq 100 led the stock market higher on Tuesday, extending its gains from Monday as worries about rising inflation eased. The Dow Jones and S&P 500 were within striking distance of record highs.
The easing of inflation fears has been sparked by a drop in interest rates and commodity prices like copper and lumber. Those essential building blocks for the US economy are down about 8% and 30% from their recent highs, respectively. Meanwhile, the 10-year US Treasury yield fell to a 1-month low at 1.537%.
Investors will have a better handle on the current pace of inflation on Thursday, when CPI data is officially released for the month of May. In April, CPI jumped 4.2%, marking the fastest rise in inflation since 2008.
Here’s where US indexes stood at the 4:00 p.m. ET close on Tuesday:
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Gold fell 0.1%, to $1,895.60 per ounce.