S&P 500 Bounces Back As Traders Offload Tech
The tech selloff continued for the Nasdaq, the only loser in today's trading, while the Dow and S&P 500 reversed earlier losses by the close. The blue-chip index tacked on 358 points, with the likes of Caterpillar (CAT) and JPMorgan Chase (JPM) among its top gainers. Driving investors away from tech has been a pop in the 10-year Treasury yield, which today hit its highest mark since November 2023, just shy of 5%.
Oil Rises on Sanction Worries
Possible sanction tightening on Russian oil sent crude to its highest close in five months in today's trading. February-dated West Texas Intermediate (WTI) crude added $2.25, or 2.9%, to settle $78.82 per barrel.
A jump in the greenback pushed gold futures lower for the session. Gold for January delivery fell 1.4% to settle at $2,677.60 an ounce.
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