March 17, 2020 / 4:58 PM / 16 days ago

Stay-at-home stocks soar as Wall Street rebounds

The Slack Technologies Inc. logo is seen on a display on the floor of the New York Stock Exchange (NYSE) during the company's IPO in New York, U.S. June 20, 2019. REUTERS/Brendan McDermid/Files

SAN FRANCISCO (Reuters) - Speculative stocks that stand to benefit from social distancing during the coronavirus pandemic soared on Tuesday, lifted by a broad rebound market following Wall Street’s worst day in three decades.

Slack Technologies (WORK.N), Peloton Interactive (PTON.O), Roku (ROKU.O) and SmileDirectClub (SDC.O) - all of which are unprofitable - were among the stock market’s strongest gainers.

With people across the United States told to work from home and avoid large social gatherings to slow the spread of COVID-19, office messaging app seller Slack jumped 18%, while stationary exercise bike company Peloton jumped 19%.

Video streaming service Roku rallied nearly 10%, while SmileDirectClub, which sells orthodontic braces online, surged 24%.

Slack, Peloton and SmileDirectClub were among a wave of unprofitable companies that held highly anticipated stock listings in 2019, and their shares have been volatile since then.

Broadly, the S&P 500 .SPX soared 5.1%, rebounding from Monday's 12% loss, which was the worst one-day decline since 1987.

Reporting by Noel Randewich; Editing by Alistair Bell

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