US Stocks Rebound on Strong Economic Data Amid Rising Yields

US stocks rebounded on September 21 as bargain hunting outweighed rising Treasury yields and crude oil prices. The Dow Jones Industrial Average closed at 53,277.01, up 517.80 points or 0.98% from the previous session.

The S&P 500 rose 33.21 points or 0.43% to 7,674.37 while the Nasdaq Composite gained 113.29 points or 0.44% to 26,180.46.

Broadcom added 1.21%, Facebook parent Meta climbed 0.75% and Tesla jumped 5.14%. However, Nvidia fell 0.98%, Apple dropped 0.63% and Amazon slid 0.57%.

The market rebounded as bargain hunting emerged on economic data showing the US economy remains buoyant. The preliminary composite output index for services and manufacturing PMI came in at 56.0 for August, up 1.5 points from 54.5 the previous month.