Dip Buyers Fuel Stock Rebound; Treasuries Steady: Markets Wrap
- All major groups in the benchmark equity gauge rise Friday
- Bond yields stabilize after earlier hitting 1.6%; dollar gains
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Dip buyers drove a rebound in stocks after an earlier bout of selling pushed the Nasdaq 100 down 10% from a record.
All major groups in the S&P 500 advanced, while the tech-heavy gauge climbed more than 1.5% as giants Amazon.com Inc. and Apple Inc. erased their losses. Robinhood Markets Inc., the trading platform behind the boom-and-bust swing in GameStop Corp.’s shares, has chosen the Nasdaq for its eventual initial public offering, according to a news report. Earlier Friday, equities retreated as U.S. jobs data topped estimates, fueling anxiety the economy could run too hot and kick up inflation. Benchmark 10-year yields stabilized after hitting 1.6%.