“Technology stocks are extending their leadership on Wall Street as the S&P 500 trades near its all-time high, with Advanced Micro Devices Inc , Xilinx Inc and Xerox Corp among the top performers since last December’s sell-off that stirred fear of an end to a decade-long bull market,” Noel Randewich reports for Reuters.
“The S&P 500 has surged 22% since Dec. 24, when fears of higher interest rates knocked the index to an 18-month low,” Randewich reports. “Silicon Valley has delivered the strongest gains during that time, with the S&P 500 information technology index jumping 32%, followed by consumer discretionary’s 28% rally. The S&P 500 on Tuesday dipped 0.61%, putting an end to eight straight sessions of gains. It is down less than 2% from its Sept. 20 record high close.”
“The so-called FANG stocks, plus Apple Inc , have outperformed the wider market, with Netflix Inc surging 56% since Dec. 24, followed by Facebook Inc , rallying 43%,” Randewich reports. “Establishing a fresh record high on the S&P 500 would confirm that Wall Street’s bull market remains intact following its nearly 20% sell-off in the final quarter of 2018.”
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MacDailyNews Note: S&P 500’s record highs:
Closing: 2,930.75, set on Thursday, September 20, 2018
Intraday: 2,940.91, set on Friday, September 21, 2018