Stocks Notch Best Day in 10 Weeks, Nasdaq Up 2.5%: Markets Wrap
- Amazon.com and Alphabet surge before Tuesday’s earnings
- Silver prices jump to eight-year high; U.S. dollar advances
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Stocks had their biggest rally in about 10 weeks as several strategists said the recent explosion of speculative buying won’t derail the bull market in equities.
In a broad-based advance led by retailers and tech companies, the S&P 500 rebounded from last week’s rout as the Nasdaq 100 jumped 2.5%. Amazon.com Inc. and Google’s parent Alphabet Inc., which are set to report earnings Tuesday, climbed at least 3.6%. Tesla Inc. soared after an analyst more than doubled his price target on the electric-car maker, saying “fireworks aren’t over.” GameStop Corp. tumbled as bearish investors appeared to cover their positions while retail traders flocked to other corners of the market. Silver climbed to an almost eight-year high.