Stocks Notch Best Day in 10 Weeks, Nasdaq Up 2.5%: Markets Wrap
This content was published on February 1, 2021 - 21:23
February 1, 2021 - 21:23
(Bloomberg) Stocks had their biggest rally in about 10 weeks as several strategists said the recent explosion of speculative buying won’t derail the bull market in equities.
In a broad-based advance led by retailers and tech companies, the S&P 500 rebounded from last week’s rout as the Nasdaq 100 jumped 2.5%. Amazon.com Inc. and Google’s parent Alphabet Inc., which are set to report earnings Tuesday, climbed at least 3.6%. Tesla Inc. soared after an analyst more than doubled his price target on the electric-car maker, saying “fireworks aren’t over.” GameStop Corp. tumbled as bearish investors appeared to cover their positions while retail traders flocked to other corners of the market. Silver climbed to an almost eight-year high.
Stocks notch best day in 10 weeks, Nasdaq up 2.5%
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Stocks had their biggest rally in about 10 weeks as several strategists said the recent explosion of speculative buying wonât derail the bull market in equities.
In a broad-based advance led by technology and retail companies, the S&P 500 rebounded from last weekâs selloff as the Nasdaq 100 jumped 2.5 per cent. Heavyweights Amazon.com Inc. and Googleâs parent Alphabet Inc., which are set to report earnings Tuesday, climbed at least 3.6 per cent. AMC Entertainment Holdings Inc. and some other day-trader favorites led the Reddit-fueled rallyctop Monday, while GameStop Corp. tumbled. Tesla Inc. soared after an analyst more than doubled his price target on the electric-car maker, saying âfireworks arenât over.â Silver rose to an almost eight-year high, extending a surge that started with the retail investor frenzy sweeping through markets.
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