Wall Street has started the week on the front foot, with a solid gain on Monday setting the S&P 500 up for one of its strongest three-day winning streaks this year.
With a 1 per cent gain just after lunch on Monday, the S&P 500 has risen 2.7 per cent over the past three sessions. That is its best three-day advance since the middle of this month when the index roared back — rising 3.2 per cent in the sessions to February 13 — after falling into a technical correction.
Technology was the best-performing sector on Monday, up 1.3 per cent, followed by industrials and telecommunications, up 1.3 per cent and 1.2 per cent, respectively. Utilities, down 0.3 per cent, was the only sector in the red.
The benchmark has gained in nine of the past 11 sessions and has trimmed February’s month-to-date loss to 1.7 per cent. The index is down 3.4 per cent from its January 26 record high.
The Dow Jones was up 1.4 per cent on Monday, and the Nasdaq Composite added 0.9 per cent.
Yields on US Treasuries were rising as investors rotated towards equities. The yield on the benchmark 10-year Treasury was down 1.2 basis points at 2.8587 per cent, but had been as low as 2.8314 about an hour after Wall Street opened. Yields move inversely to bond prices.
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