The Nasdaq and S&P 500 fell in afternoon trading Tuesday along with shares of big growth names, while the Dow Jones Industrial Average rose as bank stocks surged with U.S. Treasury yields.
was up 3.7% and on track for its best day in about a year.
Some strategists said financials and other value-oriented stocks could lead markets in the near term as investors gear up for interest rate hikes from the Federal Reserve by mid-year to curb high inflation. U.S. Treasury yields rose for a second trading day. Investors are "going to punish growth stocks with high valuations," said Robert Phipps, a director at Per Stirling Capital Management in Austin, Texas.The S&P 500 value index
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