All three major stock indexes extended Friday’s gains, with the tech-heavy Nasdaq leading the pack, boosted by semiconductor shares (.SOX).
Reuters
January 24, 2023 / 05:59 AM IST
Wall Street
Wall Street closed sharply higher on Monday, fueled by surging technology stocks as investors began an earnings-heavy week with a renewed enthusiasm for market-leading momentum stocks that were battered last year.
All three major stock indexes extended Friday’s gains, with the tech-heavy Nasdaq leading the pack, boosted by semiconductor shares (.SOX).
“(Chips are) a group that’s been depressed, so I’m not too surprised,” said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia. “We’re going to see earnings from these companies over the next couple of weeks and that will be where the rubber meets the road.”
“It’s a group that was ripe for a rebound.”
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