Wall Street Hits Record Highs as US Treasury Yields Fall and Tech Stocks Rally

Interest rates on US government bonds, regardless of maturity, have been at unhealthy levels for a long time.

On Tuesday, however, they fell sharply, giving the stock market a boost.

The stock market was also lifted by gains among six of the index’s largest technology companies, known as the “Magnificent Seven”. All seven are among the world’s eleven most valuable listed companies. Meta was the only one of the seven to fall.

Strong gains were also seen in other technology stocks, including Marvell, Broadcom and AMD.

At the close, the Dow Jones Industrial Average was up 0.5 percent, the broad S&P 500 index 0.6 percent and the tech-heavy Nasdaq Composite Index 0.5 percent.

The S&P 500 closed at a new record high, as did the Nasdaq for the second day in a row.