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, Salesforce.com Inc., the top maker of cloud-based customer relations software, jumped on a strong profit forecast.