U.S. stocks advanced, after the Standard & Poor’s 500 Index fell to its lowest in a month, as Yahoo! Inc. led a rebound in technology shares before Friday’s labor report.
The S&P 500 added 0.4 percent to 2,088.04 at 4 p.m. in New York, near its average price during the past 50 days. The government will release April jobs data Friday before U.S. markets open.
U.S. stocks fell yesterday, dragged lower after Federal Reserve Chair Janet Yellen warned of high equity market valuations and after a private report that showed hiring slowed.
Stocks bounced back after a two-day selloff that sent the number of equities trading above their 50-day moving average to the lowest level in three months, data compiled by Bloomberg show. At yesterday’s close, 200 members in the S&P 500 traded above the threshold, which is viewed by analysts to gauge a security’s momentum. That’s the lowest reading since Jan. 3