(Reuters) – Major Wall Streets indexes rose on Monday as tech stocks rebounded after a recent pullback sparked by surging bond yields, while Tesla shares surged after Cathie Woods Ark Invest set a target three-year course of $ 3,000.
The 5% jump in heavyweights Tesla Incs to $ 690 provided the biggest boost to the S&P 500 and the Nasdaq. The high-flying $ 26.6 billion ARK Innovation ETF counts Tesla as its largest stake.
A sharp rise in T-bill yields since mid-February has dictated the price of trading in stocks, while weighing on high-tech, tech-focused stocks.
Technology will get a bid if returns are moderate and that will likely be the theme for the next few months, said Thomas Hayes, president of Great Hill Capital in New York City.
Towards the end of the year, value and cyclicals will reappear and hit new highs again.
Russell 2000 Growth, which is largely made up of technology stocks, added about 0.7%; while its value counterpart, which focuses on financial and energy stocks linked to the economy, fell about 0.3%.
The Nasdaq climbed around 0.8% to start the week as the benchmark 10-year Treasury yield fell to 1.688% after a nearly 14-month high. The index is still down more than 6% from its record close on February 12.
The S&P 500 and the Dow Jones, however, hit all-time highs as early as last week on bets that the relaunch and vaccine rollout would lead to a strong rebound in the US economy.
Kansas City Southern jumped about 17% after Canadian Pacific Railway Ltd agreed to acquire the rail operator in a $ 25 billion cash and stock transaction to create the first railway in across the United States, Mexico and Canada.
At 9:58 a.m. EDT, the Dow Jones Industrial Average rose 44.01 points, or 0.13%, to 32,671.98, the S&P 500 gained 16.37 points, or 0.42%, to 3,929.47 and the Nasdaq Composite gained 109.31 points, or 0.83%, to 13.324.54.
Bank stocks, which rallied on a more favorable economic outlook, fell around 1%.
The iShares MSCI Turkey ETF fell around 18% as President Tayyip Erdogans’ decision to oust a hawkish central bank governor raised fears of a reversal of recent rate hikes.
Falling issues outnumbered advances by a 1.2 to 1 ratio on the NYSE and a 1 to 1 ratio on the Nasdaq.
The S&P 500 recorded seven new 52-week highs and no new lows, while the Nasdaq recorded 76 new highs and 27 new lows.
Report by Medha Singh in Bengaluru; Editing by Anil DSilva and Saumyadeb Chakrabarty
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