US stocks notched their first three-month losing streak since the start of the Covid-19 pandemic, even as they closed higher on the final October trading session, a day before the Federal Reserve’s policy decision.
The S&P 500 advanced 0.6 per cent on Tuesday, while the tech-heavy Nasdaq Composite rose 0.5 per cent. The indices fell by 2.2 per cent and 2.8 per cent in October, respectively, their first three-month losing streaks since March 2020.
Stocks have endured a rough few weeks amid a bond market sell-off that has sent Treasury yields to multiyear highs.
The 10-year Treasury yield was up 0.05 percentage points to 4.93 per cent on Tuesday, up from 4.57 per cent at the end of September.
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