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Tech Rallies Most Since April in Stock Rebound
Posted
September 9, 2020
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September 9, 2020
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0:44Now PlayingU.S. stocks rebounded from a three-day rout, as dip buyers poured into beaten-down tech shares to send the Nasdaq 100 to its best day since April. The dollar fell versus major peers.
The S&P 500 Index rose the most since June, though finished well off its session highs. The Nasdaq gains followed an 11% rout took it down to the average price over the past 50 days. Tesla also bounced off that closely watched level after suffering its biggest selloff. Computer chip and hardware makers rose, led by Advanced Micro Devices Inc. and Apple Inc. Shares climbed broadly in Europe.
“Dip buyers have been handsomely reward for the last 12 years,” said Randy Frederick, vice president of trading and derivatives at Charles Schwab & Co. “There’s substantial amounts of capital on the sidelines still available to come into the market.”
Treasuries retreated and Bloomberg’s dollar index turned lower. The pound headed for its longest declining streak since March on worries that talks could collapse over changes to the Brexit withdrawal deal.
Volatility remains a feature on U.S. equity markets, where a three-day rout plunged the Nasdsaq 100 into correction before the Wednesday bounce. Investors will be on guard for any signs the selling may resume. Thursday brings the European Central Bank’s latest policy decision and weekly jobless claims data in the U.S..
“The market was sprinting so fast and it just seemed very reasonable for it to pause and catch its breath and decide what it wants to do next -- and that’s where we are today,” said Lawrence Creatura, a portfolio manager at PRSPCTV Capital LLC.
Elsewhere, crude oil climbed just above $40 a barrel in London. Yields on New Zealand’s three-year bonds dropped into negative territory for the first time.
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