U.S. stocks rose, with the Nasdaq 100 Index recovering almost all of Tuesday’s losses, as a rally in Apple Inc. lifted technology companies while investors continued to speculate on the timing of interest-rate increases.
Apple jumped 3.1 percent, the most since April, as it rebounded from declines after unveiling new products yesterday.
The Nasdaq 100 advanced 0.8 percent as of 4 p.m. in New York. The S&P 500 rose 0.4 percent to 1,995.75, after falling 1 percent during the previous two sessions.
“Everybody has been watching Apple,” Matt Maley, the Newton, Massachusetts-based equity strategist at Miller Tabak & Co. LLC, said. “It’s an Apple-dominated market, especially in a week where we don’t have a lot of macro data coming out.”
The equities gauge slipped 0.7 percent Tuesday, after hitting a record last week, as investors focused on the timing of an interest-rate increase from the Fed and technology shares slid after Apple erased a rally.
The Fed is gauging the strength of the economy as it winds down a bond-buying program and considers raising rates. Policy officials next meet Sept. 16-17.
Data this week may show that claims for unemployment benefits fell, retail sales improved, and consumer confidence rose, strengthening the case for higher rates next year as the world’s largest economy continues its recovery.
“The concern of the day is whether the Federal Reserve changes its timing of interest-rate moves to the upside,” Dan Veru, chief investment officer at Fort Lee, New Jersey-based Palisade Capital Management, said by phone. The firm oversees more than $5 billion in assets. “It’s pointless to try and figure out when interest rates will go higher. You just position yourself for when that day will come.”
The S&P 500 hasn’t posted a four-day string of losses in all of 2014, and the last time it fell more than 10 percent was three years ago.
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