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Stocks stage rebound as traders shake off rising bond yields

U.S. stocks rose Wednesday, with major indexes advancing in a broad rally as investors appeared to shake off fears of rising bond yields, helping equities resume a recent uptrend. Materials were the top performers of the day, closing 1.2% higher, while consumer staples and consumer discretionary stocks both rose 0.8%. The two declining sectors — utilities and real estate — are seen as ones that underperform in periods of rising bond yields, as their higher-than-average dividend yields become less attractive to income-seeking investors.