Wall Street rallies on strong economic data; tech in focus
By Herbert Lash
Reuters
(Reuters) -U.S. stocks rallied on Friday, driving the S&P 500 to a near-record closing high, after factory data and new home sales underscored a booming economy while megacap stocks rose in anticipation of strong earnings reports next week.
The bounceback follows a sell-off on Thursday when reports that U.S. President Joe Biden plans to almost double the capital gains tax spooked investors. Analysts dismissed the slide as a knee-jerk reaction and pointed to the strong outlook.
As the three major Wall Street indexes surged, the CBOE market volatility or fear index plunged almost 10% in a sign of tumbling investor anxiety about the risks ahead.
BlackRock, Jupiter and Lazard buy into Allfunds Group IPO
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Wall Street rallies on strong economic data; tech in focus
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