The Nasdaq 100 climbed 3.3% Tuesday to 29,733 points, bringing the index to within 3% of its June 3 record after an intraday decline of more than 10% the previous week. The price of out-of-the-money QQQ calls surged 42% in a single day, the biggest daily change in five years and the ninth biggest in a decade, according to Nations Indexes. The S&P 500 extended a four-day gain to just shy of 6%, lifting the benchmark U.S. index firmly out of a two-month range that had convinced bears their moment was just around the corner. S&P earnings are on pace to grow 47% in the second quarter, the biggest increase since the post-Covid rebound in 2021, with a forward 12-month P/E ratio of 19.6, below the five-year average.
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