Market Coverage: Tuesday May 25th Yahoo Finance

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Stocks rose on Tuesday to extend a rally from a day earlier, with technology stocks outperforming as concerns over rising inflation were at least temporarily pushed to the side.

The S&P 500 ticked up after the index closed out Monday's session higher by 1%. The Nasdaq and Dow also rose. The move higher in technology stocks came alongside a move lower in Treasury yields, with the yield on the benchmark 10-year note hovering just below 1.6%. Cryptocurrency prices steadied, and Bitcoin prices (BTC-USD) traded little changed to hold below $38,000 Tuesday morning in New York.

At least some members of the Federal Open Market Committee suggested market participants may not need to worry that rising prices will catalyze a near-term move in monetary policy in the near-term. St. Louis Fed President James Bullard told Yahoo Finance on Monday that he believed increases in inflation would be "mostly temporary," and that the Fed was "not quite there yet" when it came to discussing tapering its asset purchases.

And in separate comments, Kansas City Federal Reserve President Esther George said she did not want the Fed to be "overly reliant on historical relationships and dynamics in judging the outlook for inflation." The statement added to a litany of recent remarks from Fed officials downplaying the need for a near-term monetary policy move that might dampen the market rally.

Though the past two days of trading offered an at least brief respite for investors after last week's equity selling, some strategists still struck a cautious tone on stocks, given the still-elevated concerns around inflation.

"Right now everyone knows they should be worried about inflation and inflationary pressures and what that could mean in terms of a monetary response, or also companies' profitability," Shawn Cruz, senior market strategist at TD Ameritrade, told Yahoo Finance on Monday. "If they decide to keep those rising input costs on their balance sheet, then great, we're not going to see inflation rise at least on the consumer side, but we might see margins come in when [second-quarter] earnings come out."

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