U.S. stocks climbed in afternoon trading in a rally underpinned by gains in megacaps and tech shares. Benchmark Treasuries reversed an earlier slide, while oil declined on China lockdown concerns.The S&P 500 rose for a third day, closing up 0.7% after falling as much as 0.6%. The tech-heavy Nasdaq 100 jumped 1.6%. Both indexes settled just off session highs. Oil tumbled as China’s worsening virus resurgence boosted concern over demand in the world’s biggest crude importer.Equity markets remained sensitive to headlines on the war in Ukraine, dipping earlier after a report several peace negotiators suffered symptoms of suspected poisoning after a meeting in Kyiv earlier this month.
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