U.S. stocks posted strong gains on Tuesday, with the Dow industrials clinching the best session in over a week, as investors took a pause from gobbling up energy sharesXX:SP500.10 to spread the wealth to other sectors of the market, including materialsXX:SP500.15, financialsXX:SP500.40 and consumer discretionaryXX:SP500.25. The Dow Jones Industrial AverageDJIA rose 372 points, or 1.1%, to reach around 35,463, on a preliminary basis, which would represent the best gain since Jan. 31, FactSet data show. The S&P 500 indexSPX closed up 0.8% to about 4,522, roughly. The Nasdaq Composite IndexCOMP closed up 1.3% to reach around 14,195. The 10-year Treasury noteBX:TMUBMUSD10Y yields 1.954%, up 3.9 basis points, reaching a new 52-week high and its highest rate since July 31, 2019. Yields rise as prices for debt fall. The 2-year Treasury noteBX:TMUBMUSD02Y yields 1.339%, rising 4.5 basis points and marking its own 52-week high, representing its highest level since Feb. 21, 2020. In corporate news: Peloton Interactive Inc.PTONconfirmed that co-founder John Foley will step down as chief executive and that it will implement a cost-cutting plan that will lead to 2,800 job cuts. Shares jumped around 25%.Shares of Pfizer Inc.PFE fell 3.6% after the drugmaker topped Wall Street profit forecasts but missed on revenues.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
