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U.S. stocks jump to start new quarter while bond yields slide

S&P 500 gains 2.6% as markets feel relief after U.K. policy U-turn

U.S. stocks rallied on Oct. 3 after falling during each of the three quarters to September.   © Reuters

TORONTO/LONDON (Financial Times) -- U.S. stocks rallied on the first day of the fourth quarter, notching their largest daily increase since August after the U.K. government on Monday reneged on its plans for an unfunded tax cut that had spooked investors and roiled bond markets.

Wall Street's benchmark S&P 500 share index closed up 2.6%, while the technology-heavy Nasdaq Composite added 2.3%. Both indexes recorded their biggest daily increases since August.

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