Stocks fluctuated Tuesday, a day after equities rallied to all-time highs on optimism over an economic rebound in the U.S.
The Dow Jones Industrial Average fell 29 points, or 0.09%, to 33,497, the S&P 500 was up 0.19% and the tech-heavy Nasdaq rose 0.47%.
The Dow and the S&P 500 closed at records on Monday after U.S. employers added the most workers to payrolls in seven months and other data offered evidence that the economy was improving. The Nasdaq jumped 1.67% on Monday after tech giants Facebook , Alphabet and Microsoft closed at record highs.
A reading Monday of the U.S. services sector – the biggest and most important component of the domestic economy – showed the best growth on record in March.
An accelerated vaccine rollout – the U.S. has reached about 3 million shots a day – and a gradual lifting of COVID-19 restrictions also have boosted the economic outlook.
“The jobs report underscored the rebound in the labor market,” said Quincy Krosby, chief market strategist at Prudential Financial. “The only thing that can stymie this rebound, this recovery, will be that COVID-19 launches another wave.”
The yield on the 10-year Treasury tested two-week lows Tuesday as investors pared bets on Federal Reserve interest rate hikes even as the data continue to point to a surging post-pandemic recovery that could stoke near-term inflation. Benchmark 10-year Treasury yields traded at 1.659%, the lowest since March 26.
Oil prices in the U.S. rebounded 3.63% to $60.78 a barrel after slumping sharply on Monday after OPEC+ leaders decided to gradually boost crude production from May through July.
Credit Suisse said it would record a charge of 4.4 billion Swiss francs ($4.7 billion) from the implosion of hedge fund Archegos Capital Management.
The Swiss banking giant said the charge would lead to a first-quarter pretax loss of about 900 million francs. The bank also said it would cut it dividend and suspend stock buybacks to protect its capital.
Stocks linked to Archegos, such as ViacomCBS , rose even after Credit Suisse reportedly sold additional blocks of shares that totaled more than $2 billion.
The value of the cryptocurrency market rose to more than $2 trillion for the first time on Monday, and has doubled in about two months.
Bitcoin alone is worth more than $1 trillion, according to GoinGecko. The market cap of the world’s largest cryptocurrency was at $1.096 trillion Tuesday. The price of bitcoin dipped slightly Tuesday to $58,715 – it hit a record high of $61,000 last month.
This article was originally published by TheStreet.