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Stocks extend gains in risk-on rally

U.S. stocks continue their climb as investors’ appetite for risk assets persists.

The Nasdaq gains 1.5%, the S&P 500 rises 1.3% and the Dow, up 298 points, advances 1.1%.

All 11 of the S&P 500 industry sectors gain, with financials (+1.6%), consumer discretionary (+1.5%), and materials (+1.5%) showing the most strength. Energy (+0.7%) lags the broader market.

Crude oil rises 2.0% to $63.27 per barrel; gold retreats 1.0% to $1,285.30 per ounce.

Semiconductor stocks suffer after President Trump bans U.S. companies from using telecom equipment from Huawei; Qualcomm falls 3.1%, Xilinx (-4.3%), Qorvo (-5.1%), Skyworks (-4.5%).

Individual names on the rise: Amazon (+2.4%), Microsoft (+2.5%), Cisco (+7.0%), Charles Schwab (+3.0%).

10-year Treasury falls, lifting yield 3 basis points to 2.40%.

The Dollar Index strengthens 0.3% to 97.81.


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