Nasdaq roars back 3.6% for its best day in 4 months, S&P 500 adds more than 1%, European markets close higher as traders monitor earnings and bond yields; Deutsche Post up 3%
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.
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.
The pan-European Stoxx 600 gained 0.8% during the session, with utilities climbing 2% and retail up 2.5%.
At the top of the Stoxx 600, Swedish cloud computing company Sinch jumped 9.8%, while Danish jeweler Pandora climbed 7.2% after reporting a rise in year-on-year organic growth in February.
Continental, Standard Life Aberdeen and IWG slid 8%, 7.1% and 4.4% respectively following their results, while Dutch coffee and tea group JDE Peet’s fell 8% after lowering its forecasts.
Source: CNBC