Stocks Close Higher as S&P Approaches Bull Market: Stock Market News Today

US stocks closed higher on Tuesday as the S&P 500 (^GSPC) rose 0.23%, the Nasdaq Composite (^IXIC) gained 0.36% and the Dow Jones Industrial Average (^DJI) ticked above the flatline.

The S&P 500 flirted with a bull market as regional banks dominated the list of top-performing stocks in the index, driven by Zions Bancorporation (ZION) and Comerica Incorporated (CMA), with stocks up 4% and 6% respectively. Shares of semiconductor companies, including Advanced Micro Devices, Inc. (AMD) and Intel Corporation (INTC), rose. Meanwhile, the NASDAQ 100 (^NDX) ended the trading session on a 4-day winning streak.

In commodities, wheat prices soared after Ukraine said Russian troops blew up a massive dam in the south of the country, raising concerns for the Black Sea grain trade.

Meanwhile, oil prices continued to fall as optimism about Saudi Arabia’s plans for a daily cut of one million barrels in crude oil production faded. WTI crude oil futures fell almost to $71.59 a barrel, while Brent futures fell slightly to $74.81 a barrel.

Treasury yields fell after the US government began issuing a wave of treasury bills to rebuild his cash pile, which had been nearly depleted in recent months. According to investors and analysts, the issuance of the new bills could erode liquidity in financial markets and have a negative impact.

The yield on the 10-year Treasury benchmark rose to 3.6%. Yields on two-year bonds rose to 4.5%, while 30-year bonds fell to 3.8%. Meanwhile, the dollar index strengthened.

In other news, investors are still processing announcements from Apple’s (AAPL) Worldwide Developer Conference on Monday. The tech giant introduced its most ambitious hardware lineup in years, including a highly anticipated mixed reality headset, Apple Vision Pro. Shares fell slightly on Tuesday, after shedding a record high of about $185 per share on Monday to finish lower.

Elsewhere in the technology sector, shares of GitLab Inc rose. (GTLB) up 30% after the software company posted higher profits in the first quarter and offered a positive outlook.

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Meanwhile, Coinbase (COIN) shares fell nearly 20% before offsetting losses on Tuesday after the Securities and Exchange Commission sued the crypto exchange, alleging it was acting as an unregistered exchange and broker.

The news came a day after the SEC filed a separate lawsuit against Binance alleging violations of securities laws, pushing Bitcoin (BTC-USD) below $27,000, its lowest point in weeks.

Elsewhere, Australia’s central bank raised its key interest rate by 25 basis points for the second consecutive time. The Australian dollar rose 0.68% after the surprise move.

Dani Romero is a reporter for Yahoo Finance. Follow her on Twitter @daniromerotv

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