The Associated Press

Gains for major tech companies powered a 3.7% surge in the Nasdaq, the largest jump for the index in almost a year.

The latest swing came a day after the tech-driven index sank more than 10% below its February peak. The S&P 500 rose 1.4%.

Markets have been adjusting to a rapid increase in long-term interest rates in the bond market over the past few weeks. That has helped pull money out of stocks, particularly tech companies that have been surging through the pandemic as more of daily life moves online. A decline in bond yields Tuesday helped put that trend in reverse, perhaps temporarily.

On Tuesday:

The S&P 500 rose 54.09 points, or 1.4%, to 3,875.44.

The Dow Jones Industrial Average rose 30.30 points, or 0.1%, to 31,832.74.

The Nasdaq rose 464.66 points, or 3.7%, to 13,073.82.

The Russell 2000 index of smaller companies rose 42.07 points, or 1.9% to 2,245.06.

For the week:

The S&P 500 is up 33.50 points, or 0.9%.

The Dow is up 336.44 points, or 1.1%.

The Nasdaq is up 153.68 points, or 1.2%.

The Russell 2000 is up 52.85 points, or 2.4%.

For the year:

The S&P 500 is up 119.37 points, or 3.2%.

The Dow is up 1,226.26 points, or 4%.

The Nasdaq is up 185.54 points, or 1.4%.

The Russell 2000 is up 270.20 points, or 13.7%.

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