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Dow Jones rises 3% on tech rally
U.S. stocks rose sharply after a session of losses, with the Nasdaq jumping 3%, marking its biggest gain in six sessions. The Dow Jones Industrial Average increased by 645 points (1.3%), while the S&P 500 rose 1.7%. This rally was driven by strong performance from Microsoft, which surged over 16% thanks to significant growth in its Azure cloud computing business, leading to gains in semiconductor stocks such as iShares, which rose more than 8%, and AMD, which increased over 13%. On the other hand, Meta declined by 9% after issuing weak revenue forecasts and revealing a 91% drop in free cash flows, amid concerns over the continued rise in U.S. Treasury yields and their impact on the markets. The 30-year Treasury yield remained near its highest level since 2007, above 5.2%.
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