Big Tech leads stocks to broad gains; GameStop collapses

0
GameStop store sign (Photo: Corey Coyle / CC BY 3.0)

(AP) — Stocks closed broadly higher on Wall Street, adding to the market’s gains from a day earlier with solid contributions from Big Tech companies, banks and other sectors.

The S&P 500 rose 1.4%, while the Dow Jones Industrial Average and the Nasdaq each rose 1.6%.

- Advertisement -

GameStop plunged 60% in the latest wild swing for the stock and several others that have become caught up in a speculative frenzy by online traders seeking to inflict damage on Wall Street hedge funds who bet the stocks would fall.

UPS rose after reporting record revenue.

Treasury yields rose, as did crude oil prices.