Nasdaq rebounds 300 points | TheHill

Nasdaq rebounds 300 points | TheHill

The tech-heavy Nasdaq index jumped up at the opening bell on Tuesday morning, pulling it out of the correction territory it fell into Monday as the market reshuffled.

The index opened up 315 points, or 2.5 percent.

During the pandemic, the Nasdaq often pulled ahead, even on days that other major indexes had middling gains or even negative returns, a sign of the ascendent tech companies more heavily represented in its index.

Recent hope for a vaccine-fueled recovery has led to the opposite trend, as on Monday when the Dow Jones Industrial Average touched a new high while the Nasdaq sank. The shifts are evidence of a rebalancing in the market. 

Increased bond yields furthered the trend, before reversing on Tuesday.

Other major indexes also were on the rise on Tuesday.

The Dow Jones Industrial Average rose 160 points, or 0.5 percent, and the S&P 500 increased 46 points, or 1.2 percent.

The increases follow a preliminary study suggesting that the Pfizer/Moderna COVID-19 vaccine was able to ward off the Brazilian variant in the laboratory. 

The Brazilian variant of the virus has shown the ability to reinfect people who have already been sick with the coronavirus, making it a potentially worrisome threat to the recovery.