Name: Nasdaq surges as tech stocks roar back
Uploaded: 2021-03-11T18:42:14.000Z
Duration: 1 min 37 s
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Tech stocks bounced back fiercely Tuesday as the NASDAQ recouped Monday's deep losses.

A retreat in US bond yields fueled buying of battered tech titans like Tesla, Apple and Amazon.

The NASDAQ exited the correction territory it had entered Monday, when it closed more than 10% below its peak.

The Dow closed flat near the sessions low, but O'Neill Global Advisors chief investment officer Randy Watts says investors should refrain from buying tech stocks on the dips just now.

Normally, when we have these kind of corrections, these things resolve themselves in weeks and months, not days.

My sense of the market right now is we're actually not done with this correction.

Economically sensitive consumer cyclical stocks like Carnival and Chipotle led the rally.

Investors got positive news on the outlook for the economy when the O.

C D doubled its growth estimate for the U.

Tesla shares snapped a five day losing streak with a powerful 20% jump, its largest one day gain in nearly eight years.

Its sales in China rose sharply last month and an analyst hiked its rating on the electric car maker.

Gamestop shares rose for the fifth day, up 27%.

 Investors bet on the video game retailers new e commerce strategy and speculated that small investors would pour stimulus check funds into stocks. 