Stocks Snap Two-Day Drop; Treasuries Trim Losses: Markets Wrap
- Tech fueled the stock surge as earnings buoyed sentiment
- After a brief rally, oil fell on a poor demand outlook
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US stocks snapped a two-day decline on Wednesday as corporate earnings and economic data came in better than expected. Treasuries trimmed losses as traders priced in further interest-rate hikes from the Federal Reserve.
Solid reports from Moderna Inc. and PayPal Holdings Inc. pushed the Nasdaq 100 up as much as 3%, taking it to a level last seen in May. The S&P 500 closed up 1.6%.