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MarketWatch MarketPulseApr 26, 2018
Dow rings up best daily gain in 2 weeks as Facebook ignites rally in tech stocks
The Dow Jones Industrial Average on Thursday booked its best one-day gain in about two weeks and the broader market all saw gains of at least 1% on the back of better-than-expected quarterly results and a retreat of government bond yields. The Dow closed up about 240 points, or 1%, at 24,322, marking its best daily rise since April 12, according to FactSet data. The blue-chip average's advance was largely aided by a rally in shares of Home Depot Inc. , up 4.7%, and Visa Inc. , rising by 4.8%. The pair combined to contribute about 97 points to the price-weighted Dow. The S&P 500 index , meanwhile, climbed 1% to 2,666, while the Nasdaq Composite Index advanced by 1.6% to 7,119. The daily gains for the S&P 500 and the Nasdaq were the best since April 17. A rally in shares of Facebook Inc. , up about 9.1% on the day, helped to set the stage for the broader market uptrend, propelling the large-capitalization technology stocks firm higher, with a popular exchange-traded fund that tracks the tech sector, Technology Select Sector SPDR ETF , rising by 1.9%. Meanwhile, the 10-year Treasury yield , which rattled markets at the psychologically significant level at 3%, saw yields retreat by the most in about three weeks. Higher rates mean higher borrowing costs for major corporations and a reassessment of equity valuations.

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