Nasdaq roars back 3.6% for its best day in 4 months, S&P 500 adds more than 1%
U.S. stocks rose on Tuesday after a decline in bond yields caused investors to rotate back into the beaten-up technology sector.
The Nasdaq Composite climbed 3.69% to 13,073.82 for its best day since November. Tesla soared 19.6% after a five-day losing streak and posted its biggest one-day pop since February 2020. Apple and Facebook jumped more than 4% each, while Microsoft and Netflix both gained at least 2.5%. Amazon rose 3.8%. The tech-heavy benchmark rallied as much as 4.3% during the session.
The S&P 500 advanced 1.4% to 3,875.44. The Dow Jones Industrial Average closed the day near its session low, rising just 30.30 points, or 0.1%, to 31,832.74. At its session high, the blue-chip benchmark jumped more than 300 points to touch an intraday record high.
Technology shares rebounded from steep losses as bond yields stabilized. The 10-year Treasury yield fell more than 5 basis points to 1.54%. The benchmark rate traded as high as 1.62% on Monday.
Reference: CNBC
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