The S&P 500 index rose 1.5% as of 1:10 p.m. Eastern. The Nasdaq rose 1.7%. Both indexes were boosted by solid gains for technology stocks. Micron Technology jumped 10% after the chipmaker gave investors an encouraging profit forecast.
Bank stocks got help from rising bond yields. The yield on the 10-year Treasury rose to 1.48% from 1.42% late Monday. Citigroup gained 2.5%.Small-company stocks rose more than the rest of the market, a signal that investors were feeling a bit more optimistic about the economy. The Russell 2000 rose 2.5%.
The latest coronavirus wave adds to lingering worries about rising inflation's impact on economic growth. Supply chain shortages and higher raw material costs have been hitting businesses, which have passed the higher costs off to consumers. U.S. consumer prices rose 6.8% in November from a year earlier, which marks the fastest rise in inflation in nearly four decades.
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