Shares of technology companies rose amid renewed optimism about the growth outlook for the sector.
The Nasdaq Composite rose by more than 1% and has now had more swings of that magnitude or more on more occasions than in any year since 2011.
“Yes, [Technology] got ahead of itself, but don’t forget it was one of the only groups to sport positive earnings growth in the second quarter,” said Ryan Detrick, chief market strategist at brokerage LPL Financial.
“We had an economic recession, but tech sure didn’t.”
Uber Technologies rallied after the ride-hailing app won an appeal over the revocation of its operating license in the U.K. capital, securing for now the ride-hailing company’s operations in one of its biggest global markets.
A hacker published documents containing Social Security numbers, student grades and other private information stolen from a large public-school district in Las Vegas after officials refused a ransom demanded in return for unlocking district computer servers, the latest sign of a growing problem for corporate and government data security.
Virgin Galactic shares rose after analysts at brokerage Bank of America initiated the space-travel concern with a buy rating.
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(END) Dow Jones Newswires
September 28, 2020 17:06 ET (21:06 GMT)
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