US stocks notched up their first back-to-back gain in three weeks, even as shares of big banks falling after JPMorgan Chase cautioned that the analyst consensus on its earnings for next year was too optimistic.
The S&P 500 closed 0.4 per cent higher on Tuesday, while the technology-dominated Nasdaq Composite added 0.8 per cent. It was the first time since mid-August the two indices have notched up two positive sessions in a row and follows their biggest weekly drops in at least 18 months.
JPMorgan’s shares shed 5.2 per cent, for their biggest daily drop since April. Peers including Goldman Sachs and Citigroup also sold off.
Treasuries rallied ahead of consumer price inflation data on Wednesday morning, pushing the yield on the two-year and 10-year notes to 3.60 per cent and 3.64 per cent, respectively.
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