Stocks Climb Amid Rotation to Value; Oil Declines: Markets Wrap
- Tech shares underperform financial and industrial companies
- Benchmark 10-year Treasuries climb, while dollar retreats
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Stocks halted a three-day slide, with investors migrating to value from growth companies as signs of a strengthening labor market tempered inflation worries.
Industrial and financial shares led gains in the S&P 500, while energy producers joined a slump in oil. The tech-heavy Nasdaq 100 underperformed major equity benchmarks as Tesla Inc. slipped after Chief Executive Officer Elon Musk said the electric-car maker is suspending purchases using Bitcoin. In late trading, Coinbase Global Inc. sank as the biggest U.S. cryptocurrency exchange reported revenue below Wall Street estimates.