NEW YORK: Wall Street 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.
A sharp run-up in Treasury yields since mid-February has weighed on high-flying technology stocks that benefit from low yields as investors swarmed into underpriced value stocks from the mega-cap growth stocks that have fueled the past year's rally. "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.
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