What happened

Shares of Appian (NASDAQ:APPN) rallied today as investors jumped back into the tech sector, after dumping tech stocks last week. 

The low-code, app-building company had gained 12.7% as of 3:10 p.m. EST.

So what 

There wasn't any company-specific news that helped push Appian's stock higher today, but investors are likely reacting to bond yields sliding lower over the past few days. Today's yield rate was around 1.52%, down from 1.62% earlier this month. 

A white line graph on a blue background.

Image source: Getty Images.

Investors have been watching the bond yield rate as an indicator that it's time to leave high-growth stocks for more stable investments in other markets. When yields go up, some investors assume other parts of the economy are going to grow and that keeping money in high-growth (and potentially volatile) tech stocks isn't the best strategy. 

But with yields falling over the past few days, some investors have apparently abandoned that theory and are running back to tech stocks.

Appian's stock has benefited from this shift back to the tech sector and the company's share price is up 27% this week.  

Now what 

With today's gains, Appian's stock has skyrocketed more than 300% over the past 12 months. Long-term investors may want to keep in mind that high-growth stocks will often have some big price swings -- in both directions -- and they shouldn't get too focused on how daily bond yield rates or other news items affect the company's stock.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.