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The world's second-largest economy has largely bounced back from strict coronavirus lockdowns last year/ COURTESY

Technology

Tech shares bounce as investors eye end of Q1

NEW YORK, United States, Mar 22 – Wall Street stocks rose early Monday with tech shares leading as US Treasury bond yields retreated at the start of a new trading week.

Apple, Netflix and Tesla all pushed higher, along with the tech-centered Nasdaq, which has underperformed the other two major US equity indices so far in 2021.

Treasury bonds have also lagged equities as investors look ahead of the second quarter.

“Quarter end is a popular time to take stock (no pun intended) of the stock and bond weightings in one’s portfolio,” said Briefing.com analyst Patrick O’Hare.

“There are some vestiges of rebalancing activity in the early going.”

About 25 minutes into trading, the Nasdaq Composite Index was up 0.8 percent to 13,326.43.

The Dow Jones Industrial Average gained 0.1 percent to 32,670.57, while the broad-based S&P 500 advanced 0.4 percent to 3,929.35.

Among individual companies, Kansas City Southern shot up 13.7 percent after agreeing to be acquired by Canadian Pacific Railway in a deal valued at $29 billion that creates the first rail network linking Canada, the United States and Mexico.

Canadian Pacific dropped 2.4 percent.

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© Agence France-Presse

 

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