Wall Street’s main indexes rose on Wednesday, boosted by a rebound in growth stocks as U.S. Treasury yields dipped, with sentiment bolstered by optimism around China’s moves to reopen its economy.
Apple Inc (AAPL.O) and Microsoft Corp (MSFT.O) advanced over 0.6% each as U.S. 10-year Treasury yields slipped to 3.83% from 3.86% on Tuesday .
Among the major S&P 500 sectors, technology (.SPLRCT) and consumer discretionary (.SPLRCD) gained nearly 0.5% and 1% respectively, while healthcare shares (.SPXHC) also were a major boost to the benchmark index.
Tesla Inc (TSLA.O) rose 5.3%, after hitting its lowest level in more than two years in the previous session over demand worries in China. Still, the stock is down 67% for the year.
Energy stocks (.SPNY) bucked the trend as oil prices slipped on concerns about a surge in COVID-19 cases in top oil importer China.
Beijing began dismantling its strict COVID curbs this month in an abrupt policy U-turn and on Monday announced it would drop its quarantine rule for inbound travelers from next month.
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