All three main indexes bounced back from losses earlier in the day, with investors in recent sessions spooked by rising interest rates that offset optimism about an economic rebound. Microsoft rallied 2.2pc, boosting the S&P 500 more than any other stock, with gains in Intel, Alphabet and Oracle also lifting the index. The Nasdaq was headed for its third straight weekly decline after a recent spike in Treasury yields dented demand for high-flying technology stocks. Read MoreRising interest rates disproportionately hurt high-growth tech companies because investors value them based on earnings expected years into the future, and high interest rates hurt the value of future earnings more than the value of earnings made in the short term. The S&P 500 energy sector index jumped almost 3pc to a year high as oil prices soared.

Source: Irish Independent March 06, 2021 02:03 UTC