US stocks shut mixed concerns over rising interest rates
US stocks closed mixed on Tuesday as concerns over rising interest rates damped investor sentiment.
- Country:
- United States
US stocks closed mixed on Tuesday as concerns over rising interest rates damped investor sentiment.
The Dow Jones Industrial Average fell 56.21 points, or 0.21 per cent, to 26,430.57. The S&P 500 was down 4.09 points, or 0.14 per cent, to 2,880.34, Xinhua news agency reported.
The Nasdaq Composite Index increased 2.07 points, or 0.03 per cent, to 7,738.02.
The benchmark 10-year Treasury note yield rose to 3.26 per cent in early trading on Tuesday, its highest level since 2011, before slipping to around 3.2 per cent.
Investors have been grappling with higher interest rates after a batch of strong economic data came out last week.
The unemployment rate declined to 3.7 per cent in September, and total nonfarm payroll employment increased by 134,000, the US labour department said on Friday.
In September, average hourly earnings for all employees on private nonfarm payrolls rose by 8 cents to $27.24. Over the year, average hourly earnings have increased by 73 cents or 2.8 per cent.
Fed Chair Jerome Powell last week said that the US central bank had a long way to go before interest rates hit neutral, indicating that more hikes could be on the horizon.
(With inputs from agencies.)
ALSO READ
US STOCKS-Futures steady as investors brace for more economic data
US STOCKS-Tech-heavy Nasdaq comes under pressure as yields rise
US STOCKS-Futures muted as investors await more economic data
US STOCKS-Futures subdued as investors await more economic data
US STOCKS SNAPSHOT-Nasdaq slips as growth stocks retreat ahead of economic data