Stocks Rebound on Tech Rally as Treasuries Weaken: Markets Wrap
- Technology, consumer staples lead gains as earnings beat
- China boosts cash supply to spur some commodities; oil falls
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U.S. stocks gained the most in two months amid a rally in technology shares and rising odds of corporate tax cuts. Treasuries fell and the dollar traded little changed.
The S&P 500 Index rose within 0.5 percent of a record as results from Cisco Systems Inc. boosted tech shares and earnings from Wal-Mart Stores Inc. spurred consumer staples. Equities in Europe and Japan halted the longest slumps in a year. A slide in commodities eased following an injection of cash by China’s central bank into its financial system. Treasury yields pushed higher after two sessions of declines.