Stocks sharply pared gains late Tuesday afternoon, with indexes pulling back after news that federal authorities have ramped up an investigation into insider trading on Wall Street.

Earlier the S&P 500 hit two-year highs, while 10- and 30-year bond yields rose sharply.

Investors cited rising bond yields as a factor in the pullback.

The Dow Jones industrial average <.DJI> gained 17.90 points, or 0.16 percent, to 11,380.09. The Standard & Poor's 500 Index <.SPX> gained 2.90 points, or 0.24 percent, to 1,226.02. The Nasdaq Composite Index <.IXIC> gained 8.06 points, or 0.31 percent, to 2,602.98.

(Reporting by Caroline Valetkevitch; Editing by James Dalgleish)