NEW YORK: U.S. stocks extended their recovery on Friday as investors set aside inflation worries and bought shares hammered by the week's volatility, with the shift back into riskier assets dragging on the dollar.
Mega-cap growth stocks, which have been beaten down this week on concerns over their lofty valuations, led gains in early trading with Apple Inc, Amazon.com Inc and Microsoft Corp gaining about 1per cent each and Tesla Inc adding 2per cent. The spread between two- and 10-year Treasury yields, which had widened earlier this week when investors were focused on inflation, narrowed to 149 basis points.
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