U.S. Nasdaq closes up 3.8%, tech stocks rebound, energy stocks retreat

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The three major U.S. stock indexes closed sharply higher and posted their biggest single-day gain since last May. The Nasdaq rose 3.83%, the S&P 500 gained 2.91%, and the Dow rose 2.49%. On a monthly basis, the Nasdaq is still down 4.75% this month, the S&P 500 is down 5.09%, and the Dow is down 5.38%. Tech stocks rebounded: SanDisk rose more than 10%, Western Digital gained more than 7%, Intel rose more than 7%, Oracle climbed 6%, and Nvidia, Broadcom, and Google rose more than 5%. Airline stocks strengthened: the S&P 500 Airlines index closed up 5.8%, marking the largest single-day gain since February 6. United Continental Holdings rose more than 8%, while American Airlines and Delta Air Lines rose more than 5%. Energy stocks fell back, with Chevron down nearly 2%.

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