Big tech fuels rally in US stocks

The stock market pared some of its losses yesterday, with traders pouring into some of the world’s biggest tech companies, considered by many to be Wall Streett as a kind of refuge in times of economic uncertainty.

Valuations in company titles such as: Manzana (0.7%) and Microsoft (2%) left the index nasdaq near the threshold of a bull market after rising nearly 20% from its December low.

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After banking turmoil has rocked markets around the world and added to recession fears, the cash-rich cohort of tech stalwarts has fared the best this month.

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Meanwhile, banks remain under pressure even after Treasury Secretary Janet Yellen said the US is ready for any further action needed.

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At the end of the day, yesterday, on Wall Street, the technology sector led the rebound, and the Nasdaq closed with a appreciation of 1.01% until closing at 11,787 points. industry index Dow Jones for its part, it gained 0.23% and arrived at 32,105 unitsand the S&P 500 advanced 0.30% to reach 3,948 points.

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Among the values ​​of the day, Goal (Facebook) seemed to benefit from the situation TikTok, threatened with ban in the United States, and gained 2.24%. Other social networks like Snap (3.08%) and pinterest (0.51%) also rose. Netflixwhich competes with TikTok for time in front of the screens, its share shot up 9% yesterday.

Bloomberg