U.S. stocks are rising today, with the S&P 500 hitting a new record high.

The index rose about 0.6% in afternoon trading Tuesday and hit a new all-time intraday high above 7840. If it holds its recent gains, the S&P will top the all-time closing high it hit back in August.

The Dow industrials and the Nasdaq are also up today. The tech-heavy index is on track to hit a second consecutive record.

Late this summer, stocks encountered turbulence when U.S. government bond yields surged, but they have picked up in recent weeks, riding another wave of enthusiasm about artificial intelligence.

Treasury yields are taking a breather after a near-relentless selloff in U.S. government bonds. Ten-year borrowing costs hit their highest level since April 2002 on Monday. Unusually, yields and stocks have risen in tandem in recent weeks.

Brent crude futures pared losses, now trading around $100, or close to flat on the day. Oil traders are weighing a pickup in shipments through the Strait of Hormuz against Iran's attempts to curb flows with attacks on tankers.