Stocks hit record high, shrugging off bond market turmoil

Stocks surged to another milestone as bond-market turmoil failed to derail an AI-led rally. On Tuesday, the S&P 500 gained 0.7% to 7,830 points, reaching an all-time high and its first intraday record in almost two months. A final gain of roughly 0.3% would be required for the index to officially close at its first record level since August 13, which would be the S&P 500’s 28th record close of the year. The tech-heavy Nasdaq Composite had set a record on Monday. While tech and AI carried the move, other areas were pressured as the benchmark 10-year Treasury yield hit its highest level since 2002. Nvidia, up 6% in the month, helped lift the index.