Tesla Inc jumped the most in almost a year, while Amazon.com Inc and Microsoft Corp posted the biggest single-day gains in five weeks. The tech stars suffered sharp losses in recent weeks as rising yields raised concerns over their high valuations.
The market is adjusting to the new level in interest rates, said Kristina Hooper, chief global market strategist at Invesco in New York. FILE PHOTO: A view of the exterior of the Nasdaq market site in the Manhattan borough of New York City, U.S., October 24, 2016. REUTERS/Shannon Stapleton The rise in Treasury yields has accelerated a rotation from “stay-at-home” winners to stocks primed to benefit from the economy’s reopening, setting the blue-chip Dow on pace to end at a record high on Tuesday.
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