U.S. stocks were split on Monday as Treasury yields rose and traders braced for the final week of a volatile September.
The S&P 500 slipped by 0.28% to 4,443.11 and the Nasdaq Composite shed 0.52% to close at 14,969.97 as tech stocks struggled.
The Dow Jones Industrial Average rose by 71.37 points to 34,869.37 as energy stocks and bank shares pushed higher.
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The divergence for the major averages came as Treasury yields rose. The 10-year Treasury yield increased on economic optimism and inflation fears, briefly topping 1.5% on Monday. That’s the highest since June and up from 1.30% at the end of August.
The economic recovery trade was also supported by stronger-than-expected reading for durable goods orders on Monday.
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Reference: CNBC
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