Stock Rally Gains Steam as Nasdaq 100 Jumps 2%: Markets Wrap
- Dip-buying seen in shares of Facebook-parent Meta Platforms
- Treasury yields drop, dollar falls against most major peers
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The advance in U.S. stocks gathered pace as an easing in a Treasury selloff provided respite to markets whipsawed in recent weeks by concerns about tightening monetary policy.
The S&P 500 extended Tuesday’s broad-based rally, with tech stocks recovering about half of their losses this year. Megacaps led the Nasdaq 100 higher, with dip-buying in Facebook-parent Meta Platforms Inc. after a four-day slide wiped about a third off its market value. Both the S&P 500 and Nasdaq 100 posted their biggest daily gains this month. After the bell, Uber Technologies Inc. and Walt Disney Co. gained as results beat analysts’ estimates.