Wall Street tried for a modest advance Tuesday, drawing confidence from declining Treasury yields, but investors’ mood was subdued by a lackluster profit report from Best Buy Co. and confirmation that new home construction fell in May.
The 10-year Treasury note’s yield, which hit five-year highs last week, dropped to 5.09 percent from 5.14 percent late Monday – alleviating some worries about high rates slowing down corporate deal-making and hurting the already sluggish housing market.
Also giving the stock market a boost was a rise in General Electric Co.’s stock, after its unit GE Energy Financial Services bought a stake in Regency Energy Partners LP, a natural gas processor and distributor, from HM Capital Partners LLC for $603 million. Airline stocks were strong as well, lifted by an analyst upgrade of US Airways Group Inc. (AP Business)