Late tech rally leaves Wall Street indexes modestly higher

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Stocks are off to a mixed start for May following a brutal April in which widespread technology sell-offs dragged down major benchmarks. PHOTO CREDIT: John Minchillo

In this photo provided by the New York Stock Exchange, trader Sal Suarino, left, and specialist Meric Greenbaum work on the floor, Monday May 2, 2022. The subdued start to May follows a dismal April, where Big Tech companies dragged the broader market lower as they started to look overpriced, particularly with interest rates set to rise sharply. (Courtney Crow/New York Stock Exchange via AP) PHOTO CREDIT: Courtney Crow

In this photo provided by the New York Stock Exchange, trader Robert Charmak, right, works on the floor, Monday May 2, 2022. The subdued start to May follows a dismal April, where Big Tech companies dragged the broader market lower as they started to look overpriced, particularly with interest rates set to rise sharply. (Courtney Crow/New York Stock Exchange via AP) PHOTO CREDIT: Courtney Crow

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Posted By: By DAMIAN J. TROISE and ALEX VEIGA AP Business Writers May 2, 2022

Late tech rally leaves Wall Street indexes modestly higher

NEW YORK — A late-afternoon turnaround led by technology stocks left major indexes moderately higher on Wall Street Monday, averting more losses for the market following a brutal April in which widespread tech sell-offs dragged down major benchmarks.

The S&P 500 rose 0.6% after having been down 1.7% earlier in the day. The Dow Jones Industrial Average rose 0.3% and the tech-heavy Nasdaq gained 1.6%.

Bond prices fell, pushing yields higher. The yield on the 10-year Treasury briefly rose to its highest level since late 2018.

The uneven start to May follows an 8.8% skid for the benchmark S&P 500 in April led by Big Tech companies, which started to look overpriced, particularly with interest rates set to rise sharply as the Federal Reserve moves to tame surging inflation. The central bank is expected to announce another interest rate hike on Wednesday.

The S&P 500 rose 23.45 points to 4,155.38, while the Dow added 84.29 points to 33,061.50. The blue-chip index bounced back from a 527-point deficit. The Nasdaq rose 201.38 points to 12,536.02.

Smaller company stocks also reversed course after spending much of the day in the red. The Russell 2000 index rose 18.18 points, or 1%, to 1,882.91.