Stocks Climb to Record on Tech Rally, Housing Data: Markets Wrap
- Home-construction starts in U.S. surge by the most since 2016
- Walmart warns of sales pressure with end of stimulus checks
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U.S. stocks completed the fastest-ever return to a record after a drop of at least 20%, surpassing February highs for the first time since the pandemic upended financial markets. The dollar fell to the lowest in more than two years, while Treasuries advanced.
The S&P 500 eked out a gain, capping a 52% rally from its March low. Technology shares pushed the gauge above its Feb. 19 closing record after failed attempts in three of the past four sessions. Amazon.com Inc. paced the advance on Tuesday, extending its surge this year to 79%. Homebuilders also rose as a report showed housing starts increased the most since 2016. Lennar Corp. and D.R. Horton Inc. boast returns of at least 148% since the stock-market bottom.