Global stocks kicked off the week on a high note as shares in the US technology industry extended their record-breaking streak.
US equities traded positively, with the technology-heavy Nasdaq Composite index riding almost 1 per cent higher in early trading in New York. The broader-based S&P 500 gained 0.7 per cent to build on a four-week advance that has taken Wall Street’s main barometer to a record, wiping out the steep loss caused by the coronavirus crisis.
“Big cap tech continues to ride the wave of euphoria and momentum while most other areas of the market that have lagged are more worried about the macroeconomic environment,” said Peter Boockvar at Bleakley Advisory Group. “We need the latter to reverse in order to maintain the former.”
He added: “I certainly can’t give you a good fundamental reason for the rally because I can’t find one.”
Apple set the pace, days after it became the first US group to hit a $2tn market valuation. The iPhone maker rose more than 3 per cent in early trading, with gains too for Amazon and Microsoft.
The S&P 500 has soared 55 per cent above the low it hit during the market ructions in