Stocks Flat as Equities Try to Rebound from Monday
(MENAFN- Baystreet.ca) Stocks traded along the flatline on Tuesday as traders continue to weigh the market's elevated valuations as well as rising U.S. Treasury yields.
The Dow Jones Industrials lost 60.38 points to 30,948.31. Visa and Honeywell each feel more than 1% to lead the Dow lower.
The S&P 500 eked up 2.8 points to 3,802.41. Energy was the best-performing sector in the S&P 500, rising 1.5%.
The S&P 500's forward price-to-earnings ratio was at 22.7, near its highest level since 2000. The boarder-market index's high valuation comes as investors continue to pile into stocks despite a backdrop of rising COVID-19 infections and political turmoil.
The NASDAQ moved higher 31.44 points to 13,067.87.
Prices for the 10-Year Treasury sagged, lifting yields to 1.17% from Monday's 1.14%. Treasury prices and yields move in opposite directions.
Oil prices advanced 36 cents to $52.61 U.S. a barrel.
Gold prices faded $10.40 to $1,840.40 U.S. an ounce.
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