NEW YORK, New York – U.S. stocks were on the move Tuesday with major gains being recorded across the board.
Stocks markets in the U.S. and globally have been in the doldrums for the past fortnight. “Both sentiment and positioning are now too bearish, in our view. While we slightly reduced our record equity allocation … we remain constructive on equities and think that a near-term rally is likely, particularly in small-cap and high-beta market segments,” JPMorgan’s Marko Kolanovic, CNBC reported as saying in a note to clients.
“I think a lot of it has to do with those defensive names that did so well, you’re just kind of getting this rotation. But tech up as much it is today with real yields moving much higher, that’s not a normal occurrence,” Andrew Smith, chief investment strategist at Delos Capital Advisors told CNBC Tuesday.
The Nasdaq Composite did best percentage-wise, jumping 287.30 points or 2.15 percent to 13,619.66.
The Dow Jones industrials rallied 499.51 points or 1.45 percent to 34,911.20.
The Standard and Poor’s 500 gained 70.52 points or 1.61 percent to 4,462.21.
The U.S. dollar rallied against most currencies, but lost ground against the commodity bloc.
The euro fell to 1.0785 by the New York close Tuesday. The British pound dropped to 1.2998. The Japanese yen fell sharply to 128.87. The Swiss franc also weakened markedly to 0.9517.
The Canadian dollar held steady at 1.2620. The Australian dollar rose to 0.7378. The N ew Zealand dollar strengthened to 0.6730.
Elsewhere, the FTSE 100 in London fell 0.20 percent. The German Dax declined 0.07 percent. The Paris-based CAC 40 lost 0.83 percent.
In Tokyo, the Nikkei 225 gained 0.69 percent. The Hang Seng in Hong Kong shed 2.26 percent. China’s Shanghai Composite dipped 0.05 percent.
The Australian All Ordinaries advanced 0.58 percent. In New Zealand, the S&P/NZX 50 fell 0.47 percent. South Korea’s Kospi Composite added 0.95 percent.