Stocks rise on Wall Street as tech rebounds; oil tops US$78
CTV
Stocks rose in morning trading on Wall Street Tuesday as the technology sector reversed direction after a sell-off a day earlier.
The S&P 500 rose 0.9% as of 10:11 a.m. Eastern. The Dow Jones Industrial Average rose 267 points, or 0.8%, to 34,271 and the tech-heavy Nasdaq rose 1.1%.
Technology stocks did much of the heavy lifting for the broader market. Chipmaker Nvidia rose 2.6% and Microsoft rose 1.3%. Communications stocks also made solid gains after losing ground a day prior. Netflix rose 3.1% and Facebook rose 1.4%.
Bond yields gained ground. The 10-year Treasury rose to 1.52% from 1.49% late Monday. Rising bond yields helped lift banks, which rely on higher yields to charge more lucrative interest on loans. Bank of America rose 2.4%.
Energy prices continued rising. U.S. oil rose 1.6% and has surpassed $78 per barrel. Natural gas futures jumped 7.1%. Rising energy prices have been steadily pushing gasoline prices higher. The average price for a gallon of gas in the U.S. is $3.20, up more than $1 from a year ago, according to AAA.
