A Hundred Days Later, Tech Stocks Poised to Erase Their Whole Rout
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Nobody saw it coming. Not hedge funds that cut technology stocks to the lowest levels since 2016, not retail investors who pulled $8 billion from funds tracking the sector. Now, after the worst sell-off of the bull market, it’s taken just 100 days to erase the whole thing.
Up in 13 of the last 14 weeks, the S&P 500 Information Technology Index gained as much as 1.3 percent to 1,338.77 Wednesday, briefly exceeding its Oct. 3 high of 1,332.87. Down 24 percent on Christmas Eve, the index has snapped back 32 percent, driven by gains exceeding 50 percent from Advanced Micro Devices to Xerox Corp. and Xilinx Inc.