Dow jumps nearly 500 points at open as bond yields retreat on revived hopes for Fed pivot

U.S. stocks opened higher on Tuesday, adding to their gains from Monday’s session as global bond yields continued to decline and talk of a possible “pivot” from the Federal Reserve intensified after the Reserve Bank of Australia delivered a smaller-than-expected 25 basis-point interest-rate hike. The Dow Jones Industrial Average rose 475 points, or 1.6%, to 29,966. The S&P 500 climbed 69 points, or 1.9%, to 3,748. The Nasdaq Composite advanced 257 points, or 2.4%, to 11,073. Stocks rose sharply on Monday, with the Dow gaining more than 750 points while the S&P 500 saw its biggest percentage-point gain since late July. The 2-year Treasury yield was down 2.5 basis points at 4.080%.

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