US stocks close mixed as traders weigh tumbling bond yields and surging oil prices

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US stocks close mixed as traders weigh tumbling bond yields and surging oil prices
Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., March 9, 2020. Bryan R Smith/Reuters

US stocks closed mixed on Tuesday, with the S&P 500 ending its seven-day win streak and the Nasdaq 100 closing at record highs.

Crude oil jumped to its highest level since 2015 before paring some of the gains following a breakdown in talks among OPEC+ members. The group was unable to agree upon an oil production increase. OPEC and its allies had been discussing output increases, but the UAE is unhappy with the proposed target that it believes is too low, according to reports.

Meanwhile, the US 10-year Treasury yield fell to 1.34%, helping revitalize the mega-cap tech trade. Shares of Amazon were up nearly 5% on Tuesday to a record high, while Apple jumped about 2%.

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Here's where US indexes stood at the 4:00 p.m. ET close on Tuesday:

All eyes were on shares of Didi, which plunged more than 20% on Tuesday after regulators in China ordered the ride-hailing app to be removed from app stores. The move came just days after Didi completed its IPO.

Robinhood's upcoming IPO could value the investing app at $30 billion or more, according to analysts from S&P. The firm's recent S-1 filing revealed it generated about $30 million in revenue in the first quarter from dogecoin trading.

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Bitcoin and ether are seeing a resurgence in institutional capital inflows as all digital assets pick up steam, according to a report from CoinShares.

Apple received a price target increase from JPMorgan, with the bank arguing there's 21% potential upside from current levels on the upcoming iPhone 13 generating better than expected sales.

Oil prices were lower after popping early in the day. West Texas Intermediate crude fell 2%, to $72.72 per barrel. Brent crude, oil's international benchmark, dropped about 3%, to $74.87 per barrel.

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Gold rose 0.8%, to $1,797.60 per ounce.

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