U.S. stocks climbed in afternoon trading in a rally underpinned by gains in megacaps and tech shares. Benchmark Treasuries reversed an earlier slide, while oil declined on China lockdown concerns.
The S&P 500 rose for a third day, closing up 0.7% after falling as much as 0.6%. The tech-heavy Nasdaq 100 jumped 1.6%. Both indexes settled just off session highs. Oil tumbled as China’s worsening virus resurgence boosted concern over demand in the world’s biggest crude importer.