{"id":109074,"date":"2021-03-09T15:59:07","date_gmt":"2021-03-09T15:59:07","guid":{"rendered":"https:\/\/fin2me.com\/?p=109074"},"modified":"2021-03-09T15:59:07","modified_gmt":"2021-03-09T15:59:07","slug":"nasdaq-roars-back-as-tech-stocks-gain-ground","status":"publish","type":"post","link":"https:\/\/fin2me.com\/business\/nasdaq-roars-back-as-tech-stocks-gain-ground\/","title":{"rendered":"Nasdaq roars back as tech stocks gain ground"},"content":{"rendered":"

(Reuters) – U.S. stocks advanced on Tuesday, with the Nasdaq jumping over 3% to recoup its losses in the previous session as U.S. bond yields retreated and investors picked up battered technology stocks.<\/p>

FILE PHOTO: A view of the exterior of the Nasdaq market site in the Manhattan borough of New York City, U.S., October 24, 2016. REUTERS\/Shannon Stapleton<\/figcaption>

Among the biggest boosts to the S&P 500 and the Nasdaq were Tesla Inc, Apple Inc, Amazon.com Inc, Facebook Inc and Microsoft Corp jumped between 2.4% and 7.2% after sharp losses in recent weeks as a rise in yields raised concerns over their high valuations.<\/p>\n

Signs that a $1.9 trillion coronavirus relief package was closing in on final approval sparked a spike in yields on Monday, pushing the tech-heavy Nasdaq to end more than 10% below its Feb. 12 closing high that confirmed a correction.<\/p>\n

U.S. 10-year Treasury bond yields eased to 1.54% after hovering near 13-month highs of 1.613% in the prior session. Longer-dated yields have jumped over the last month as investors price in a faster-than-expected economic rebound and higher inflation.<\/p>\n

Higher yields can weigh even more on tech and growth stocks with lofty valuations, as they threaten to erode the value of their longer-term cash flows.<\/p>\n

\u201cTech stocks are overdue for some kind of bounce after the downfall they have had so far with most investor maintaining a positive outlook (on them) in the medium to longer term,\u201d said Michael Sheldon, chief investment officer at RDM Financial in Westport, Connecticut.<\/p>\n

\u201cPotential headwind for the market is if interest rates rise further from this point over the short period… since they have risen too fast in too little time.\u201d<\/p>\n

At 9:59 a.m. ET, the Dow Jones Industrial Average rose 168.01 points, or 0.53%, to 31,970.45, the S&P 500 gained 57.06 points, or 1.49%, to 3,878.41 and the Nasdaq Composite gained 399.55 points, or 3.17%, to 13,008.71.<\/p>\n

The rise in yields has accelerated a rotation from \u201cstay-at-home\u201d winners to stocks primed to benefit from an economic reopening, helping the blue-chip Dow hit an intraday record high on Monday.<\/p>\n

The global economic outlook has brightened as vaccine rollouts gain speed and the United States launches a massive new stimulus package, the Organisation for Economic Cooperation and Development said, hiking its 2021 growth forecasts.<\/p>\n

The U.S. House of Representatives could approve the relief bill as early as Tuesday, with a vote allowing the Democratic president to sign the legislation into law later this week.<\/p>\n

The bank index dropped 2% after vaulting to a new 14-year peak. Financials and energy sectors were in the red.<\/p>\n

GameStop was up 18%, building on Monday\u2019s rise of over 40% on the video retailer\u2019s e-commerce strategy and speculation that small investors will pour stimulus checks into markets.<\/p>\n

Advancing issues outnumbered decliners by a 2-to-1 ratio on the NYSE and by a 3.2-to-1 ratio on the Nasdaq.<\/p>\n

The S&P 500 posted 15 new 52-week highs and no new low, while the Nasdaq recorded 131 new highs and eight new lows.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

(Reuters) – U.S. stocks advanced on Tuesday, with the Nasdaq jumping over 3% to recoup its losses in the previous session as U.S. bond yields […]<\/p>\n","protected":false},"author":3,"featured_media":109073,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"yoast_head":"\nNasdaq roars back as tech stocks gain ground - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/business\/nasdaq-roars-back-as-tech-stocks-gain-ground\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nasdaq roars back as tech stocks gain ground - Fin2me\" \/>\n<meta property=\"og:description\" content=\"(Reuters) – U.S. stocks advanced on Tuesday, with the Nasdaq jumping over 3% to recoup its losses in the previous session as U.S. bond yields [...]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/fin2me.com\/business\/nasdaq-roars-back-as-tech-stocks-gain-ground\/\" \/>\n<meta property=\"og:site_name\" content=\"Fin2me\" \/>\n<meta property=\"article:published_time\" content=\"2021-03-09T15:59:07+00:00\" \/>\n<meta name=\"author\" content=\"Mark\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/fin2me.com\/wp-content\/uploads\/2021\/03\/cnewsfotor109-3.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mark\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/fin2me.com\/business\/nasdaq-roars-back-as-tech-stocks-gain-ground\/\",\"url\":\"https:\/\/fin2me.com\/business\/nasdaq-roars-back-as-tech-stocks-gain-ground\/\",\"name\":\"Nasdaq roars back as tech stocks gain ground - 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