US stocks edge up as 10-year yield retreats from 2002 high

US equities closed modestly higher as the 10-year Treasury yield pulled back from a 4.34% intraday peak, a level not seen since 2002, easing pressure on valuations. The S&P 500 rose 0.19%, while the Nasdaq and Dow were flat. The yield retreat suggests investors are reassessing the pace of rate hikes, but the move is tentative and could reverse if inflation data remains hot.