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U.S. Stocks Rise as Tech Lags; Treasuries Climb: Markets Wrap

  • Price data ease inflation fears; tech shares slide anew
  • Treasury yields turn lower after 10-year note auction
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Wedbush Securities Managing Director Dan Ives sees a “stock-pickers paradise” in tech stocks and adds that now is a “golden opportunity” to own Apple shares.Source: Bloomberg
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U.S. equities advanced as the rotation into value stocks resumed following a weak inflation report. Treasury yields turned lower after a 10-year note auction. The dollar weakened.

The S&P 500 notched its best two-day advance since early February, led by financial firms and producers of raw materials. A lower-than-expected inflation reading eased concern that prices will spike higher if growth picks up as many economists now predict. The Dow Jones Industrial Average rose to a record, closing above 32,000 for the first time. Tech shares whose valuations look stretched in an era of higher yields slipped after Tuesday’s rebound from weeks of selling.