Big Tech Helps Skirt Equity Routs as Investors Pivot to Defense
- FANG+ Index ends at record on day most Nasdaq, S&P stocks fall
- Move makes sense if ‘we are beyond peak growth’: FBB’s Bailey
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Megacap technology stocks rallied to all-time highs on Tuesday, skirting a broad market selloff driven by concern that the recovery from the pandemic-induced recession has peaked.
The New York Stock Exchange’s FANG+ Index, which includes the biggest U.S.-based tech companies as well as China’s Baidu Inc. and Alibaba Group Holding Ltd., closed at a record high as it extended gains from last month’s low to more than 10%. Meanwhile, about four out of every five stocks in the S&P 500 Index, and seven out of 10 in the Nasdaq 100, fell.