Nasdaq Logs Best Daily Gain In About 8 Months As Banks, Tech Rally

By Mark DeCambre Markets MarketWatch Pulse

U.S. stocks rallied on Wednesday, fueled by a surge in financial and tech shares, which helped Wall Street to partially shake off Tuesday's sharp fall. The tech-heavy Nasdaq Composite Index enjoyed a run deep into positive territory, helping it cut into Tuesday's 100-point drop, and marking its best daily rise since Nov. 7, when it surged 2.4%, according to FactSet data. On Wednesday, the Nasdaq rose 1.4% to 6,234. The S&P 500 index climbed 0.9% at 2,440, representing the benchmark's best daily rise since April 24. The Dow Jones Industrial Average gained 0.7% at 21,454. Those moves come a day after equities saw their worst selloff in more than a month on the back of doubts about President Donald Trump's pro-growth agenda. The small-cap Russell 2000 nearly closed at a record, finishing up about 1.5% on the day, and highlighting the broad-based nature of the rally. Helping to support a bid for bank shares was a rise in government bond yields, with the 10-year Treasury note yield at 2.22%. Those gains were aided by European Central Bank officials attempting to tamp down the market's bearish reaction to ECB President Mario Draghi's comments on Tuesday, which were interpreted as hawkish, pushing the euro and yields globally markedly higher.

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