U.S. stock benchmarks closed mostly higher Tuesday, delivering a late-session jolt higher, backed by gains in energy and materials as bond yields jumped. Meanwhile, small-capitalization stocks delivered a marked outperformance against large caps, underscoring a rotation that appeared to be playing out in the market over the past few sessions, away from higher momentum stocks. The Dow Jones Industrial Average finished nearly 74 points at 26,909, booking a fifth straight gain, which would be its best streak since a six-session climb ended June 10. The S&P 500 index closed less than 0.1% higher at 2,979, buoyed by a surge in the energy sector (XLE), up 1.3%, and materials (XLB), which gained 1%, offsetting selling in information tech (XLK), down 0.5%, and consumer-staples shares (XLY), off 0.6%. The Nasdaq Composite Index finished down less than 0.1% to close at 8,084. All three benchmarks took a late burst higher in the final minutes of Tuesday trade. Separately, the small-capitalization oriented Russell 2000 index climbed over 1% on the day, surpassing the other major benchmarks. The moves come as the 10-year Treasury yield climbed more than 10 basis points to 1.72%. Bond yields rise as prices fall. In corporate news, Apple Inc. (TICKER:AAPL) shares gained 2.5% as it announced new model iPhones and other products at its annual launch event Tuesday afternoon.
-Mark DeCambre; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
September 10, 2019 16:09 ET (20:09 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.