U.S. stocks rallied for a second day to close out one of the worst months of the bull market on an upbeat note. The dollar added to a 16-month high and Treasury yields jumped.
The S&P 500 Index capped its biggest two-day surge since February, paring its biggest monthly decline since 2011 to 7 percent. The Nasdaq 100 Index jumped 2.3 percent, but still fell the most in any month during the bull market. Megacap tech shares that bore the brunt of October’s rout paced the Wednesday rebound, with Netflix and EBay surging more than 5 percent. The FANG cohort rallied after Facebook’s earnings topped expectations.
