U.S. stocks jumped on Tuesday after a decline in bond yields ushered investors into the beaten-up technology sector.
 | TUE, MAR 09, 2021 | | | | DOW | | NAME | LAST | CHG | %CHG | | AAPL | 121.08 | +4.72 | +4.06% | | INTC | 62.67 | +2.82 | +4.71% | | MSFT | 233.78 | +6.39 | +2.81% | |
| | S&P 500 | | NAME | LAST | CHG | %CHG | | AAPL | 121.08 | +4.72 | +4.06% | | GE | 14.00 | -0.17 | -1.20% | | TSLA | 673.58 | +110.58 | +19.64% | |
| | NASDAQ | | NAME | LAST | CHG | %CHG | | AAPL | 121.08 | +4.72 | +4.06% | | TSLA | 673.58 | +110.58 | +19.64% | | AMD | 78.53 | +4.57 | +6.18% | |
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Technology stocks came roaring back Tuesday as investors poured back into their growth darlings after a swift correction triggered by surging bond yields. The Nasdaq Composite climbed more than 3% for its best day since November. Tesla shares soared 19% after a five-day losing streak. The tech-heavy benchmark closed Monday in correction territory, or more than 10% below its Feb. 12 high. The snapback came as bond yields stabilized, easing fears that higher interest rates would make their future profits less valuable today. The 10-year Treasury yield fell more than 6 basis points to 1.52% after jumping as high as 1.62% on Monday.  One of the biggest beneficiaries of the comeback in tech is red-hot investor Cathie Wood, whose flagship fund Ark Innovation (ARKK) popped 10% Tuesday for its best day ever. "What has just happened in the equity market is a massive and severe ... rotation into value stocks," Wood said Tuesday on her monthly webinar. "The bull market broadened out into value in a more serious way." Wood, who focuses on innovative technology, told CNBC on Monday that the recent tech sell-off created "great opportunities" for her to buy the dip in the pure-play names in her funds. |
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