U.S. stocks ticked higher Monday as Wall Street keeps wrestling with whether the economy will successfully avoid a recession amid rising interest rates and high inflation.
The S&P 500 and the Nasdaq edged higher. Both started the day with even bigger gains, following up on strength across European and Asian markets after China relaxed some tough anti-COVID measures. But stocks fell back a bit as Treasury yields continued to climb, putting downward pressure on stocks.
The yield on the 10-year Treasury, which helps set interest rates on mortgages and other loans, jumped back above 3%.
The S&P 500 rose 12.89 points, or 0.3%, to 4,121.43.
The Dow Jones Industrial Average rose 16.08 points, or less than 0.1%, to 32,915.78.
The Nasdaq rose 48.64 points, or 0.4%, to 12,061.37.
The Russell 2000 index of smaller companies rose 6.83 points, or 0.4%, to 1,889.89.
For the year:
The S&P 500 is down 644.75 points, or 13.5%.
The Dow is down 3,422.52 points, or 9.4%.
The Nasdaq is down 3,583.60 points, or 22.9%.
The Russell 2000 is down 355.43 points, or 15.8%.