USA stocks close higher, tech and bank stocks rally


USA stocks close higher, tech and bank stocks rally

It measures the daily stock price movements of 30 large, publicly-owned US companies. Stocks have struggled to rebound against a backdrop of elevated yields, with investors concerned that higher rates could hurt valuations and lift borrowing costs for companies.

Industrial shares climbed 0.59 percent, led by a 3.04 percent gain in Quanta Services Inc (PWR.N) after its quarterly results and a 3.34 percent rise in United Technologies Corp (UTX.N) after the aero parts maker said it is exploring a breakup of its business portfolio.

Expectations for a quarter-point hike at the Fed's next meeting in March are now 93.5 percent, according to Thomson Reuters data.

Stocks initially rose after the Fed released minutes of last month's policy meeting yesterday, but tumbled into negative territory by the end of the session as the yield on the 10-year US Treasury jumped.

The Nasdaq is down 29.38 points, or 0.4 percent.

The S&P 500 posted two new 52-week highs and nine new lows; the Nasdaq Composite recorded 58 new highs and 47 new lows.

The Russell 2000 is down 13.56 points, or 0.9 percent.

The Russell 2000 index of smaller-company stocks gave up 1.85 points, or 0.1 percent, to 1,529.99.

The broad-based S&P 500 gained 0.4 per cent to 2,712.07, while the tech-rich Nasdaq Composite Index advanced 0.4 per cent to 7,248.18.

The prospect of higher rates and an unexpected fall in January US existing home sales dented the real estate sector, off 1.81 percent.



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