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US Stocks Rally as Nasdaq Increases Most Since November 4

© REUTERS / CARLO ALLEGRIThe NASDAQ market site displays an AirBnb sign on their billboard on the day of their IPO in Times Square in the Manhattan borough of New York City, New York, U.S., December 10, 2020
The NASDAQ market site displays an AirBnb sign on their billboard on the day of their IPO in Times Square in the Manhattan borough of New York City, New York, U.S., December 10, 2020 - Sputnik International, 1920, 09.03.2021
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NEW YORK (Sputnik) - Nasdaq saw its largest gains in four months while the Dow Jones Industrial Average hit record highs for a second day in a row on Tuesday as Wall Street recovered from a recent depressed streak caused by a spike in bond yields.

The Nasdaq Composite Index increased 3.7 percent, its most in a day since November 4, to close at 13,704. The index, which consists of heavyweight tech names such as Facebook, Apple, Amazon, Netflix and Google, had slumped in recent weeks on concerns about stock overvaluation. The declines initially pushed Nasdaq down 2.2 percent for the year at Monday’s close, before Tuesday’s rebound pulled it back up 1.4 percent.

The Dow, the broadest gauge of the New York Stock Exchange, increased 0.1 percent. But its high of the day, at 32,150, accounted for a new record that overwrote Monday’s all-time peak. For the year, the Dow is up 3 percent.

The S&P 500, the barometer for the top 500 US stocks, rose 1.4 percent to settle at 3,873. The S&P was up 3 percent year-to-date.

The rally in stocks comes as bond yields tied to the ten-year US Treasury note fell for the first time in six days. The yields had spiked previously to a one-year high of 1.6 percent on fears of runaway inflation.

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