Tech recovery leads stocks back to gains

U.S. stocks jumped, with tech shares leading the way, as equity markets ended a tumultuous quarter on a high note. Treasuries rose while the dollar slipped.

Gains in the S&P 500 Index were led by energy companies and chipmakers, and were helped by a recovery in Amazon.com after a White House spokeswoman said Donald Trump isn’t planning to take action against the company after he accused it of not paying taxes. Ten-year Treasury yields fell below 2.75 percent after data showed U.S. consumer spending lagged behind income growth for a second month in February.

Volumes were subdued ahead of a long weekend. The S&P 500 closed the first three months of the year down 1.2 percent, marking the first quarterly loss for the gauge since 2015. The dollar posted its fifth straight quarterly decline, and oil its third consecutive quarterly gain.

The arrival of the holiday will be a relief for many investors following a roller coaster start to the year in which stellar global equity gains gave way to a volatility blowup in February and a technology-led rout in recent days. Most Western markets are set to close on Friday and many European countries are also out on Monday.

“Let’s get out of this quarter and take a breather,” said Rich Guerrini, the chief executive officer of PNC Investments. “We need some market stability at this point and hopefully we get to some calmer waters.”

The Stoxx Europe 600 Index rose for a third day, with automakers leading the way after Renault SA and Nissan Motor Co. were said to be in talks to merge. Stocks were mixed in Asia.

Elsewhere, West Texas oil rallied toward $65 a barrel. Bitcoin fell past $7,500.