Buy the dip?
The Nasdaq Composite extended its morning gains, powering to a 2 per cent advance in afternoon trade as investors rush in to snap up battered tech stocks.
The tech-heavy index was up as much as 2.1 per cent at 7,092.34, with even Amazon erasing a near 5 per cent slump to trade 0.6 per cent higher. The stock had initially opened lower this morning after President Donald Trump publicly criticised its tax policy on Twitter. However, the stock moved back into positive territory after a White House official said that while the president had expressed his concerns, “We have no actions at this time.”
Other sector heavyweights were also in rally mode following this week’s drubbing. At pixel time:
• Facebook is up 4.3 per cent
• Apple gained 2.5 per cent
• Google tacked on 3.5 per cent
• Netflix rose 1.8 per cent
• Tesla was 1.8 per cent higher
The NYSE Fang+ index was 2.3 per cent higher, although it remains in correction — defined as a drop of 10 per cent or more from a recent peak.
The S&P 500 is 1.7 per cent higher at 2,648.98. The infomation technology sector was the day’s top performing sector, up 2.5 per cent.
The Dow Jones Industrial Average rose 1.7 per cent to 24,233.66.
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