Stocks gain ground, bond yields reach pre-pandemic high

By DAMIAN J. TROISE and ALEX VEIGA
AP Business Writers

Technology companies and banks are leading stocks higher on Wall Street in afternoon trading Tuesday, placing the market on pace to more than make up for its losses a day earlier. The S&P 500 rose 0.7%, the Dow Jones Industrial Average rose 1% and the Nasdaq rose 1%. Peloton jumped 24.6% after the exercise bike maker announced a corporate shake-up and big job cuts. Bond yields rose. The yield on the 10-year Treasury note rose to 1.95%, its highest level since before the pandemic began. The mostly muted trading this week follows weeks of volatility amid uncertainty over how aggressive the Fed will raise interest rates to fight inflation.