Stocks rise on Wall Street as tech rebounds; oil tops $79

<p><p>NEW YORK — Stocks rose broadly on Wall Street Tuesday as the technology sector reversed direction after a sell-off a day earlier.</p></p><p><p>The S&amp;P 500 rose 1.5% as of 11:42 a.m. Eastern, erasing all of Monday’s loss. The Dow Jones Industrial Average rose 460 points, or 1.4%, to 34,463 and the tech-heavy Nasdaq rose 1.6%.</p></p><p><p>Technology stocks did much of the heavy lifting for the broader market.</p></p><p><p>Chipmaker Nvidia rose 3.5% and Microsoft rose 2%. Communications stocks also made solid gains after losing ground a day prior. Netflix rose 4.7%.</p></p><p><p>Bond yields gained ground. The 10-year Treasury rose to 1.53% from 1.49% late Monday.</p></p><p><p>Rising bond yields helped lift banks, which rely on higher yields to charge more lucrative interest on loans. Bank of America rose 2.7%.</p></p><p><p>Energy prices continued rising. U.S. oil rose 2.3% and has surpassed $79 per barrel.</p></p><p><p>Natural gas futures jumped 7.1%. Rising energy prices have been steadily pushing gasoline prices higher.</p></p><p><p>The average price for a gallon of gas in the U.S. is $3.20, up more than $1 from a year ago, according to AAA.</p></p><p><p>Exxon Mobil rose 1%. and Hess rose 2.2%.</p></p><p><p>A wide range of companies that focus on consumer services gained ground following an encouraging update on the services sector, which is the largest part of the U.S. economy.</p></p><p><p>The Institute for Supply Management reported that the sector continued growing in September and at a faster pace than economists expected. Chipotle rose 2.8% and Carmax gained 3.4%.</p></p><p><p>The market has been choppy for weeks as investors try to gauge how the economy will continue its recovery with COVID-19 and the highly contagious delta variant crimping consumer spending and job growth.</p></p><p><p>Inflation concerns have been driving much of the up-and-down shifts for technology companies and the broader market.</p></p><p><p>Rising inflation has been prompting businesses from Nike to Sherwin-Williams to temper sales forecasts and warn investors that higher costs will hurt financial results.</p></p><p><p>Supply chain disruptions and delays, along with rising raw materials costs, are among some of the key problems facing companies as they try to continue recovering from the pandemic’s impact.</p></p><p><p>The lingering pandemic and global supply chain problems have prompted the International Monetary Fund to <a href=”https://apnews.com/article/coronavirus-pandemic-business-europe-italy-economic-outlook-6506878423f3c073bb2e7dfa17022834″ target=”—blank”>trim its forecast</a> for global growth this year.</p></p><p><p>Facebook rose 1.9%. The stock fell nearly 5% on Monday as the company suffered a worldwide outage and faced political fallout after a former employee told “60 Minutes” that the company has consistently chosen its own interests over the public good. The former employee, Frances Haugen, <a href=”https://apnews.com/article/facebook-haugen-congress-testimony-1daac7a76ca7bf0b0802cc46e732b51b” target=”—blank”>testified in front of Congress</a> on Tuesday.</p></p><p><p>Stock markets in Europe rose, while markets in Asia were mostly lower.</p></p>