US stocks soared to further records on Thursday, powered by a rally in technology names that had been pummelled in recent sessions.
The blue-chip S&P 500 advanced 1 per cent to close at a record high, while the tech-heavy Nasdaq Composite jumped 2.5 per cent and the Dow Jones Industrial Average continued its rise into record territory.
The gains on the Nasdaq marked the index’s latest large swings. It has fluctuated in recent sessions as traders assess the outlook for stock market favourites such as Tesla, Amazon and Apple, which have prospered during the pandemic. Tesla shares were up 4.7 per cent, while Amazon and Apple gained more than 1.5 per cent.
Moves in the US government bond market have had a large effect on rapidly growing tech companies, since higher interest rates dent the value today of future cash flows. The 10-year Treasury yield steadied at about 1.52 per cent on Thursday, having peaked above 1.62 per cent earlier this month.
“Speculative tech may…