US STOCKS-Wall St edges higher as energy, financial stocks rise – Yahoo Finance

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BOJ policy shift knocks global sentiment
Tesla falls after brokerages cut PT
Energy stocks lead gains on crude support
Indexes up: Dow 0.39%, S&P 0.26%, Nasdaq 0.24%
(Updates to afternoon prices)
By Sruthi Shankar and Johann M Cherian
Dec 20 (Reuters) – U.S. stocks rose in choppy trading on Tuesday, led by energy and financial shares, although investors remained cautious after the Bank of Japan (BoJ) tweaked its monetary policy in a surprise move that would allow long-term interest rates to rise more.
Fears of the impact of rising interest rates on the U.S. economy have weighed heavily on markets after the Federal Reserve struck a hawkish tone at its policy meeting last week.
Adding to those worries, the BOJ
made a surprise tweak to its bond yield control
that allows long-term interest rates to rise more, a move aimed at easing some of the costs of prolonged monetary stimulus.
"Raising the benchmark rate is something that they have not been doing, so it looks like the world is on the same page and is having a coordinated interest rate increase to try and battle inflation," said Kim Forrest, chief investment officer at Bokeh Capital Partners in Pittsburgh.
While the U.S. central bank is projecting rates to rise above 5% in 2023, traders still see the terminal rate at 4.9% by May 2023.
Bonds fell following the BOJ's shock move, with the benchmark 10-year Treasury yield rising to a three-week high of 3.69%.
"I had been anticipating a Santa rally until the Fed meeting," said Randy Frederick, managing director of trading and derivatives at Charles Schwab.
"But now that we've sold off as sharply as we have, we're pretty much running out of time. We may get a little bit of an uptick, but it's not going to be even enough to offset what we've lost already in December."
Limiting the downside on Tuesday, the energy index rose 1.1% to lead gains among the major S&P sectors as crude prices rose against a weaker dollar.
Financial stocks climbed 0.7%, with banks benefiting from a rise in Treasury yields.
U.S. single-family homebuilding tumbled to a 2-1/2 year low in November and permits for future construction plunged as higher mortgage rates continued to depress housing market activity.
At 12:26 p.m. ET, the Dow Jones Industrial Average was up 129.31 points, or 0.39%, at 32,886.85, the S&P 500 was up 9.94 points, or 0.26%, at 3,827.60, and the Nasdaq Composite was up 25.53 points, or 0.24%, at 10,571.56.
Among stocks, Tesla Inc lost 5.3% after at least three brokerages cut the electric vehicle maker's target price on growing concerns of demand weakness and risk from Elon Musk's Twitter distraction.
Wells Fargo & Co slid 1.2% after U.S. regulators fined the lender $3.7 billion, citing widespread mismanagement of auto loans, mortgages and deposit accounts.
Volumes in markets are expected to decline this week before the Christmas and New Year holidays.
Advancing issues outnumbered decliners by a 1.39-to-1 ratio on the NYSE and 1.36-to-1 ratio on the Nasdaq.
The S&P index recorded one new 52-week highs and 14 new lows, while the Nasdaq recorded 41 new highs and 300 new lows. (Reporting by Shubham Batra, Johann M Cherian and Sruthi Shankar in Bengaluru; Editing by Maju Samuel and Anil D'Silva)
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