Blue Chips Crush Tech Titans With Stock Rotation Taking Hold
- Nasdaq 100 sinks as much as 1.8%, while DJIA heads for a gain
- Economic recovery bets also boosting the appeal of small caps
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The stock market’s stragglers are staging a comeback as traders ditch the technology titans that have led this year’s gains in favor of industrial bellwethers and small caps.
As the Nasdaq 100 slumped almost 0.5% to start the week amid losses for Microsoft Corp. and Facebook Inc., the Dow Jones Industrial Average added almost 1% on the heels of Friday’s better-than-expected jobs report and ebbing virus case counts. The sunnier economic outlook also boosted the small-cap Russell 2000 by as much as 1.6%.