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Stocks Rise as Strong Data Rekindle Value Rotation: Markets Wrap

  • Jobless claims declined last week to a fresh pandemic low
  • Orders for U.S. business equipment rose more than forecast
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WATCH: "A policy mistake is what we fear the most," Amundi’s Monica Defend says.Source: Bloomberg
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Stocks that stand to benefit the most from an economic rebound rallied after solid data spurred a decline in pandemic darlings such as technology companies. Treasuries retreated.

Industrial, financial and commodity shares led gains in the S&P 500. The Russell 2000 of small caps outperformed major equity benchmarks, while the tech-heavy Nasdaq 100 dropped. A news report that President Joe Biden will unveil a budget that would see federal spending jump to $6 trillion in the coming fiscal year also helped sentiment. In late trading, Inc., the top maker of cloud-based customer relations software, jumped on a strong profit forecast.