U.S. stocks were higher in early afternoon trading on Monday, with the S&P 500 and the Dow Jones Industrial Average hitting record highs as technology stocks rebounded after recent losses.
The S&P technology sector is coming off its second straight weekly decline, triggered by fears of stretched valuations and investors moving money to other sectors. Tech stocks have led the S&P 500’s 9.4 percent rally this year.
The tech sector’s 1.37 percent rise led the gainers on the S&P 500, putting it on track for its biggest one-day percentage rise since March.
“Some of it is folks taking a second-look at names that may have been unduly punished in the rotation out of tech that started about 10 days ago,” said David Lefkowitz, senior equity strategist at UBS Wealth Management Americas in New York.
“There has been no change in the fundamentals for the tech sector. Earnings growth, earnings revisions and forward looking indicators remain healthy.”
At 12:47 p.m. ET (1647 GMT), the Dow was up 115.2 points, or 0.54 percent, at 21,499.48, the S&P 500 was up 17.37 points, or …read more
Source:: Fortune.com – Tech