Tech Darlings Back in Charge While Traders Bet on Old Winners

(Bloomberg) -- Technology heavyweights are back in the driver’s seat as the stock market struggles to get off the ropes.

The NYFANG Index, which contains the tech quartet as well as the likes of Apple Inc., Nvida Corp. and Twitter Inc., is posting gains of about 4% in trading Thursday. Gains in expensive software stocks as well as Microsoft Corp. aren’t far behind. And shares of Tesla Inc. are up more than 13% one day after having erased gains of nearly 120% in 2020.

The tech-heavy Nasdaq 100 Index is up more than 1% with the S&P 500 Index little changed as of 11:03 a.m. in New York.

High-growth stocks were the key contributors to the S&P 500’s advance to fresh all-time highs earlier this year. Investors bottom-feeding in these names may be a sign that investors are betting these names will be the ones to help rescue stocks from the coronavirus-induced bear market.

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