Stocks traded along the flatline on Tuesday as traders continue to weigh the market’s elevated valuations as well as rising U.S. Treasury yields.
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The S&P 500 eked up 2.8 points to 3,802.41. Energy was the best-performing sector in the S&P 500, rising 1.5%.
The S&P 500’s forward price-to-earnings ratio was at 22.7, near its highest level since 2000. The boarder-market index’s high valuation comes as investors continue to pile into stocks despite a backdrop of rising COVID-19 infections and political turmoil.
Prices for the 10-Year Treasury sagged, lifting yields to 1.17% from Monday’s 1.14%. Treasury prices and yields move in opposite directions.
Oil prices advanced 36 cents to $52.61 U.S. a barrel.
Gold prices faded $10.40 to $1,840.40 U.S. an ounce.
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