S&P 500's Path to Record Goes Through Favorable Tech Setup
- Evercore sees ‘$4 trillion reasons’ to keep buying the sector
- ‘Price action has been pristine,’ according to Sundial
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The S&P 500 is oh-so-close to its all-time high. The key for it to reach uncharted territory may be 2019’s star performer: Technology stocks.
Information Technology stocks in the S&P 500 have advanced 26 percent in 2019, versus the next-closest group -- Industrials -- at 21 percent. The broad index is up 16 percent, and as of April 22 was within a percent of its record close last September of 2,930.75. The tech-heavy Nasdaq-100 and Philadelphia Stock Semiconductor Index have already risen to records.