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Stocks may not go full throttle if this becomes a factor

Some of the fuel driving stocks higher has been the drop in Treasury yields to all-time lows in recent sessions, so traders will be watching to see whether Tuesday's reversal in yields continues and whether that could start to slow down the rally in stocks.

But stocks on Tuesday shrugged off the move higher in bond yields and surged instead, as energy stocks jumped 2.3 percent on a more-than-4 percent rally in oil prices. The equity market set its second milestone in a row on Tuesday, with the Dow reaching a new closing high of 18,347, after rising 120 points. The , which broke out to a new high Monday, added another 0.7 percent and closed at a new record of 2,152.

Stock futures were slightly higher Wednesday and U.S. Treasury yields were lower. German bund yields however were higher, with the 10 year at -0.12 percent.