Monday , June 21 2021

Tech stocks shine as Wall Street rallies



Beaten-down tech shares led the strongest session for US stocks in two weeks, extending the run of turbulence that has made this month one of the wildest of the past five years.

The S & P 500 roared back from the worst week in a month as investors speculated on the strong start to the holiday season will keep economic growth on track. Amazon.com and L Brands led gains among retailers, while Microsoft was among the tech leaders.

Wall Street had its best day in two weeks as tech shares shined.

Wall Street had its best day in two weeks as tech shares shined. Credit:Richard Drew

Positive political developments in Europe and rising oil prices added to optimism, sending the 10-year Treasury yield higher ahead of a slew of Federal Reserve speakers this week, including President Jerome Powell. The dollar advanced, while West Texas crude rose above $ 51 a barrel following more than 7 percent slide on Friday.

"Today is a relief rally. I do not know if it will last through today and tomorrow, but markets are moving a lot off of not a lot of news," Larry Benedict, founder of The Opportunistic Trader, said in a phone interview.


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