U.S. stock markets hit new highs, Treasury yields up as choppy week ends – Reuters

U.S. stock markets hit new highs, Treasury yields up as choppy week ends – Reuters

NEW YORK, July 23 (Reuters) - All three major U.S. stock indexes closed at record highs on Friday after a rocky week in which investors fretted over the Delta coronavirus variant and cheered an economic recovery, while U.S. Treasury yields rose before a Federal Reserve meeting next week.

Megacap tech stocks and positive corporate earnings helped drive main U.S. indexes up again. Yields on U.S. Treasuries were also up, as was the dollar, with investors eyeing next week's Federal Reserve meeting for hints on the U.S. economic recovery from the COVID-19 pandemic and when the central bank will pull back support for the economy.

"It's certainly been a really strong run. For now it looks justified based on the strong earnings results. We got interest rate stability, which was helpful. As the economic recovery continues, as long as people are continuing to get out there despite the Delta variant, we think stocks can go higher," said Jeff Buchbinder, equity strategist for LPL Financial. "We think the ride will get bumpier in the second half, but we think the bull market continues."