The Dow and S&P 500 both hit new highs on Monday as investors grew optimistic about the economic reopening from the pandemic. The Dow rose 0.53%. The S&P 500 was up 0.65%. The Nasdaq surged 1.05%.
was trading around 1.6% on Monday, after hitting its highest level in more than a year on Friday. The jump in bond yields has challenged growth stocks in recent weeks and sent investors into cyclical pockets of the market.
"Bond yields remain the primary risk facing the stocks market," Jim Paulsen, chief investment strategist at the Leuthold Group, said. "However, they are calm so far this morning and as the speed of their recent advance pauses, it's allowing investors to focus more on just how low yields remain overall." "Investors will have to continually grapple with the anxiety about economic overheating and Fed tightening that has gripped markets in recent weeks," wrote David Kostin, Goldman's chief U.S. equity strategist, in a note. "We believe equity valuations should be able to digest 10-year yields of roughly 2% without much difficulty.". The Nasdaq Composite advanced 3% last week, despite a sell-off on Friday spurred by rising rates.. The central bank is expected to acknowledge much better growth in the economy. Bond pros are also watching to see whether Fed officials will tweak their interest rate outlook, which now does not include any rate hikes through 2023.
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