Tech Powers Stock Gains With Banks Under Pressure: Markets Wrap
- Wild moves roil Treasury market anew as short-end rates plunge
- Hedge funds may have turned dollar bulls at the wrong time
This article is for subscribers only.
The stock market shrugged off losses, with traders piling into some of the world’s largest technology companies that are seen by many on Wall Street as a kind of shelter in times of stress and economic uncertainties.
Gains in megacaps like Apple Inc. and Microsoft Corp. put the Nasdaq 100 close to the threshold of a bull market after an almost 20% surge from its December low. In the wake of the banking turmoil that has rattled markets and added to recession fears, tech stalwarts have largely outperformed. Banks slumped even after Treasury Secretary Janet Yellen told lawmakers the US would be prepared for further steps to protect deposits if needed.