Earnings optimism helps Wall St shrug off rising yields, Dow rises 300 pts

 

Shares of megacap companies like Microsoft Corp, Apple Inc and Amazon, typically sensitive to bond yields, jumped more than 1% despite hawkish comments from St. Louis Federal Reserve Bank President

US stocks rose on Tuesday even in the face of surging Treasury yields as a positive earnings reports helped investors shrug off potential risks from an aggressive rise in U.S. interest rates and the Ukraine war.

Johnson & Johnson rose 2.8% to a record high as the drugmaker's quarterly profit exceeded market expectations and it raised the dividend payout.

Halliburton Co gained 1.5% after the oilfield services firm posted an 85% rise in first-quarter adjusted profit, as a rally in crude prices boosted demand for its services and equipment.

Shares of megacap companies like Microsoft Corp, Apple Inc and Amazon.com, typically sensitive to bond yields, jumped more than 1% despite hawkish comments from St. Louis Federal Reserve Bank

President James Bullard.

The benchmark 10-year note yield rose to 2.924, while the 30-year U.S. Treasury yield hit 3% for the first time since early 2019.