Equities Are up Nearly 10% This Quarter, Largely Outperforming Bonds – US Market Wrap.

Wall Street traders pushed stocks higher in the final stretch of a quarter that saw the market rise nearly 10%, with many institutional investors considering rebalancing their portfolios.

In another volatile session, the S&P 500 recovered after nearly erasing gains earlier Wednesday. Apple  and Tesla , this year’s laggards in the megacap space, rose, while Nvidia  declined. The Dow Jones Industrial Average gained more than 1%. The Nasdaq 100 has underperformed. Treasuries rose, with the market set to close at 2 p.m. New York time on Thursday, ahead of the holiday.

Every quarter, institutional investors review their market exposures to ensure that they are within strict allocation limits between equities and bonds, as well as domestic and international stocks. With stocks poised for another strong quarter, pension funds are expected to sell $32 billion in equities to rebalance their portfolios, according to Goldman Sachs Group.

The S&P 500 approached 5,250. Merck surged after a new drug for a rare form of high blood pressure received US approval. Former President Donald Trump’s Trump Media & Technology Group surged following a strong Nasdaq debut. Treasury 10-year yields fell four basis points, to 4.19%.

Traders were also waiting for remarks from Federal Reserve Governor Christopher Waller at a post-close event.