Shares of technology companies rallied as investors rotated back into "risk on" sectors.
The Nasdaq Composite slipped by 8% from peak to trough in the recent selloff, but rose by roughly 3% Monday, as investors sought out higher risk sectors, in light of stability in the Treasury market.
The tech sector was particularly hard hit by the spike in Treasury yields as most stock-valuation models make "growth" sectors less attractive during periods of rising bond rates.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
03-01-21 1720ET