Stocks Surge as Yields Rise and Cathie Wood Snaps Up Plunging Stocks

The Dow Jones Industrial Average surged 511 points despite rising yields, while Cathie Wood's Ark Invest bought three plunging stocks. Microsoft and Amazon joined the IBD Leaderboard Watchlist, and Ollie's Bargain Outlet, FTAI Aviation, and NetEase showed relative strength. The FOMC meeting is set to take place, and the Treasury plans to borrow $776 billion in Q4 2023. The Nasdaq and S&P 500 both rose, with small caps underperforming. McDonald's stock saw a flurry of buying, while Nike, Verizon Communications, and Goldman Sachs made solid gains. Cathie Wood's Ark Invest bought shares of Block, Beam Therapeutics, and Verve Therapeutics. Microsoft and Amazon stock joined the IBD Leaderboard Watchlist. Tesla stock plunged, and Ollie's Bargain Outlet, FTAI Aviation, and NetEase showed strength.