NEW YORK -U.S. stocks rallied on Monday as technology stocks rebounded from a recent selloff sparked by surging bond yields and Tesla jumped after a fund run by an influential investor in the electric-car maker said its shares could approach US$3,000 by 2025.
An easing off of 14-month highs in the 10-year U.S. Treasury note's yield after it hit 1.754per cent last week has allowed tech shares to bounce back, said Tom Hayes, chairman of hedge fund Great Hill Capital LLC in New York. "The technology stocks are pretty beaten down and it's not shocking to see those rebounding a little bit from their lows," said Jake Wujastyk, chief market analyst and founding member of TrendSpider.
At 2:31 p.m. EDT, the Dow Jones Industrial Average rose 148.47 points, or 0.46per cent, to 32,776.44, the S&P 500 gained 38.84 points, or 0.99per cent, to 3,951.94 and the Nasdaq Composite added 231.18 points, or 1.75per cent, to 13,446.42.Bank stocks, which have enjoyed a rally on brightening economic prospects, dropped almost 2per cent.
Finance Finance Latest News, Finance Finance Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »