Resurgent Tech Stocks Power S&P 500 Back to Record With Dow
- Fang group and chipmakers have both risen 4 percent this week
- Rally ocurred amid bullish analyst comments, lower bond yields
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The tech rout that has kept traders on edge for weeks is finally letting up. That’s proving to be good news for the whole market.
After erasing almost $400 billion in equity value at its worst point during the June selloff, the Nasdaq 100 Index has risen for six straight days, pulling within 1 percent of its record. Nvidia Corp., an early harbinger of last month’s retreat, has recovered all of its losses from the rout after gaining more than 12 percent this week. The Fang block of mega-cap Internet stocks and the Philadelphia Semiconductor Index also had a good week.