* Tesla wins on Ark’s $ 3,000 prize target by 2025
* Kansas City Southern jumps on $ 25 billion buyout deal
* MSCI Turkey ETF sinks after central bank ouster
* Indexes up: Dow 0.46%, S&P 1.00%, Nasdaq 1.75% (adds analyst comments, updates prices)
By Herbert Lash
NEW YORK, March 22 (Reuters) – US stocks rebounded on Monday as tech stocks rebounded after a recent sell-off sparked by surging bond yields and Tesla surged after a fund managed by an influential investor in the manufacturer electric car company said its shares could approach $ 3,000. by 2025.
Tesla Inc’s 5.6% gain to $ 691.46 provided one of the biggest increases in the S&P 500 and Nasdaq after Ark Invest, founded by stock exchange star Cathie Wood, raised its target price Friday using 34 inputs.
Growth stocks rose 1.82% while value stocks were flat.
A sharp rise in Treasury bill yields since mid-February has weighed on high-tech stocks that are enjoying low returns and led to a rotation into undervalued value stocks from growth stocks that have fueled last year’s rally.
A loosening from 14-month highs in 10-year U.S. Treasury yields after hitting 1.754% last week allowed tech stocks to rebound, said Tom Hayes, chairman of New York-based hedge fund Great Hill Capital LLC .
“It’s going to look like technology and growth, but I think it’s going to be a lot more subdued than people think,” Hayes said. “There’s a plethora of growth, growth in a lot of sectors, and we’ve seen some managers come up with these (stocks) up in cyclical terms and in value. I think that will persist over the next 18 months,” did he declare.
The high-tech Nasdaq topped the S&P 500 and the Dow Jones, which posted all-time highs last week on bets that the relaunch and vaccine rollout would lead to a strong rebound in the US economy.
“Tech stocks are pretty battered and it’s not shocking to see them rebound a bit from their lows,” said Jake Wujastyk, chief market analyst and founding member of TrendSpider.
The story continues
Kansas City Southern jumped 12.5% after Canadian Pacific Railway Ltd agreed to acquire the railroad operator in a $ 25 billion cash and stock transaction to create the first path of iron through the United States, Mexico and Canada.
At 2:31 p.m. EDT, the Dow Jones Industrial Average rose 148.47 points, or 0.46%, to 32,776.44, the S&P 500 was up 38.84 points, or 0.99%, to 3,951 , 94 and the Nasdaq Composite added 231.18 points, or 1.75%, to 13,446.42. .
Bank stocks, which rallied on a more favorable economic outlook, fell almost 2%.
The S&P 500 technology index jumped about 2.35%, while energy and financials were in the red.
The iShares MSCI Turkey ETF sank by around 20%, as President Tayyip Erdogan’s decision to oust a hawkish central bank governor raised fears of a reversal of recent rate hikes.
Falling issues outnumbered those that rose on the NYSE by a 1.05 to 1 ratio; on the Nasdaq, a ratio of 1.10 to 1 favored the declines.
The S&P 500 posted 11 new 52-week highs and no new lows; the Nasdaq Composite recorded 87 new highs and 23 new lows. (Reporting by Herbert Lash in New York Additional reporting by Medha Singh and Devik Jain in Bengaluru edited by Saumyadeb Chakrabarty and Matthew Lewis)
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