REUTERS: U.S. stocks advanced on Tuesday, with the Nasdaq jumping over 3per cent to recoup its losses in the previous session as U.S. bond yields retreated and investors picked up battered technology stocks.
Higher yields can weigh even more on tech and growth stocks with lofty valuations, as they threaten to erode the value of their longer-term cash flows. The rise in yields has accelerated a rotation from"stay-at-home" winners to stocks primed to benefit from an economic reopening, helping the blue-chip Dow hit an intraday record high on Monday.
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