U.S. stocks rallied for a second day to close out one of the worst months of the bull market on an upbeat note. The dollar added to a 16-month high and Treasury yields jumped.

The S&P 500 Index was on track for its biggest two-day surge since June, while the Dow Jones Industrial Average jumped more than 400 points. Megacap tech shares that bore the brunt of October’s rout paced the rebound, with Netflix and EBay surging more than 7 percent. The FANG cohort rallied after Facebook’s earnings topped expectations.

Private payrolls data calmed nerves about the strength of the economy, lifting the dollar. Treasuries fell after the government said it will raise the amount of long-term debt it sells this quarter.

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Emma Dahl

Emma Dahl

Employment at 3.7% is as low as we can hope for it to go. The federal reserve actually states that the natural rate of unemployment is somewhere between 4.5-5%, suggesting that the current unemployment rate is likely to rise in the next few years.