Stocks closed broadly higher on Wall Street after shaking off a wobbly start. Banks helped lead the gains as bond yields rose, which will allow banks to charge higher rates on mortgages and other loans. Small-company stocks continued to outpace the rest of the market, as they have done since the beginning of the year. The yield on the 10-year Treasury note rose to its highest level in over a year. GameStop doubled suddenly in another burst of volatile trading. The S&P 500 rose 44.06 points, or 1.1%, to 3,925.43.The Dow Jones Industrial Average rose 424.51 points, or 1.4%, to 31,961.86, a new all-time high. The Nasdaq rose 132.77 points, or 1%, to 13,597.97. The Russell 2000 index of smaller companies rose 53.07 points, or 2.4%, to 2,284.38.
Boeing surged 7.6%, the biggest gainer in the Dow Jones Industrial Average, after shedding 2.5% over the prior two days in the wake of an engine malfunction over the weekend in a 777 aircraft operated by United Airlines. The S&P 500's technology sector accounted for a big share of the rally after declining for six straight days. But some Big Tech companies fell. Apple fell 1.2% and Amazon dropped 1.4%. Those and other Big Tech companies rocketed in 2020 as investors bet that the pandemic would cause Americans to shift shopping habits and buy gadgets to keep themselves occupied in pandemic quarantines.
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