U.S. stocks book back-to-back gains as Treasury yields retreat

U.S. stocks finished higher on Thursday, with the S&P 500 notching back-to-back gains for the first time in two weeks, as the upward march of Treasury yields relented. The S&P 500
SPX,
+0.59%
gained 25.21 points, or 0.6%, to 4,299.72, the biggest gain since Sept. 14, according to preliminary closing data from FactSet. The Nasdaq Composite
COMP,
+0.83%
gained 108.43 points, or 0.8%, to 13,201.28. The Dow Jones Industrial Average
DJIA,
+0.35%
rose by 116.07 points, or 0.4%, to 33,666.34. Despite their gains, all three indexes remain on track to finish the week lower. In the bond market, the yield on the 10-year Treasury note
TMUBMUSD10Y,
4.578%
slipped 2.9 basis points to 4.596%. Bond yields move inversely to prices. However, it remained near its highest level since 2007. Rising Treasury yields, particularly on the long end of the curve, have rattled stocks in September, sending the S&P 500 down 4.6% for the month as of Thursday’s close.