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S&P 500 and Nasdaq close higher in volatile trading ahead of inflation data By Reuters


© Reuters. People walk past the New York Stock Exchange building in New York, USA 03/19/2021 REUTERS/Brendan McDermid

By Caroline Valetkevitch

NEW YORK (Reuters) – Indices rose on Tuesday as high-growth stocks rallied after a sharp decline in the previous session, amid a decline in U.S. bond yields.

The S&P 500 index closed up 0.25% at 4,001.05 points. The fell 0.26% to 32,160.74 points. The Nasdaq Composite technology index rose 0.98% to 11,737.67 points.

Banking papers fell along with Treasuries returns. The ten-year benchmark yield has fallen from a more than three-year high to less than 3%. The Dow Jones index also closed lower in busy trading. The major indices fluctuated between highs and lows, with investors nervous ahead of the release of US consumer price data on Wednesday and producer price data on Thursday.

“It’s just a fear-based selling,” said Jake Dollarhide, chief executive officer of Longbow Asset Management in Tulsa, Oklahoma. Investors are worried about everything from interest rates and inflation to the war in Ukraine, supply chain problems and Covid-19 lockdowns in China, Dollarhide said. Apple Inc (NASDAQ:) stock rose 1.6% and gave the S&P 500 and Nasdaq their biggest boosts. The technology index rose 1.6% on the day and led S&P 500 sector gains. The S&P 500 growth index gained 0.9%, while the value index fell 0.4%.

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