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Stock Rally Stretches From Big Tech to Small Caps: Markets Wrap

  • Oil snaps four-day gain on concern over demand outlook
  • Yields climb as Bullard’s hawkish comments fuel rate-hike bets
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WATCH: Investors should reduce risk tolerance, says Gary Schlossberg, global strategist at Wells Fargo Investment Institute.Source: Bloomberg
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U.S. stocks gained in a broad-based rally as investors weighed the resilience of the economy against prospects for aggressive policy action to curb inflation. Treasury yields climbed across the curve, while oil fell on demand concerns.

The S&P 500 bounced back from the lowest close in more than a month, with all 11 main industry groups advancing except energy. The tech-heavy Nasdaq 100 jumped more than 2%, a threshold reached by the small-cap Russell 2000 index. Yields on short-end Treasuries -- the most sensitive to changes in interest rates -- led the move higher.