US stocks mixed as Nasdaq falls again

NEW YORK - Wall Street stocks were mixed Tuesday with energy and financial shares advancing, while the tech-rich Nasdaq fell amid worries about higher interest rates.

Analysts cited lingering doubts over inflation as a headwind for stocks, along with valuation concerns after indices hit records earlier in the fall.

The yield on the 10-year US Treasury note continued to rise.

"The focus has been on interest rates," said Sam Stovall of CFRA Research. "Right now, investors are trying to decide when the Fed is most likely to start raising interest rates."

The Dow Jones Industrial Average ended up 0.5 percent at 35,813.80, while the broad-based S&P 500 added 0.2 percent at 4,690.70.

But the Nasdaq dropped 0.5 percent to 15,775.14, with Tesla, Facebook and Netflix all retreating.

Large banks such as JPMorgan Chase and Wells Fargo advanced more than two percent on expectations of higher interest rates.

Oil giants Chevron and ExxonMobil also picked up more than two percent as oil prices rallied despite President Joe Biden's announcement of a plan to release crude from the Strategic Petroleum Reserve in tandem with five other countries.

Best Buy plunged 12.3 percent despite reporting better-than-expected results as analysts expressed disappointment with the electronics retailer's outlook.

AFP