S&P 500 rises to another record on Wednesday, Dow jumps 100 points

U.S. stocks climbed higher Wednesday, helped by banks and reopening stocks as the 10-year Treasury yield climbed higher. The Dow Jones Industrial Average rose 106 points. The S&P 500 added about 0.3% to touch 4,500 for the first time, and the Nasdaq Composite gained nearly 0.1%.

The yield on the benchmark 10-year Treasury note climbed to 1.332% Wednesday, its highest level since earlier in the month when it yielded as much as 1.364%. That lifted shares of JPMorgan Chase, Bank of America and Wells Fargo about 2%. Regional banks like Zions and Fifth Third added 2% also.

Travel and leisure stocks were higher too. Air carriers and cruise lines broadly added about 1%. Casino stocks Penn National Gaming and Caesars Entertainment gained 6.5% and 3%, respectively. MGM Resorts added 2%. Markets have been boosted by signs that delta variant cases could be peaking. Fundstrat’s Tom Lee said in a note to clients late Tuesday that the worst may be behind us, citing a falling positivity rate in Florida and Texas.

S&P 500 rises to another record on Wednesday, Dow jumps 100 points, CNBC, Aug 26