Stocks Briefly Erase Pandemic Losses; Oil Rallies: Markets Wrap
- Treasury 10-year yields linger at five-week high after auction
- Dollar weakens versus most major peers; gold halts slide
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U.S. stocks briefly surpassed the all-time closing high reached before the coronavirus pandemic, propelled by surging technology shares. The dollar weakened and Treasury yields rose to five-week highs.
The S&P 500 climbed 1.4%, momentarily topping the 3,386.15 level reached on Feb. 19, and capping the more than 50% rally since the market lows in March. Ten of the benchmark index’s 11 industry sectors rose Wednesday, led by technology, health care and consumer discretionary shares. The Nasdaq Composite outperformed the S&P as Apple Inc., Microsoft Corp. and Tesla Inc. jumped. In Europe, the Stoxx Europe 600 Index rose for a fourth day.