Tech leads Wall Street rebound, ASX to follow

The Dow Jones index came off its earlier highs but still closed 1.6 per cent, or 440 points, higher at 27,940 and the S&P 500 index put on 2 per cent to finish at 3,399 — its best one-day performance since June.The tech giants have driven the pandemic rally on Wall Street, benefiting from people turning to online as they stay at home because of the coronavirus.

"On one level it looks speculative but, on another, it is almost defensive because we know these companies will survive no matter what COVID throws at us," he said. Media reports last week said that Japan's SoftBank Group made big bets on equity derivatives tied to technology firms.European stocks also rose overnight. The FTSE 100 in London climbed 1.4 per cent to 6,013, the DAX in Germany increased 2.1 per cent to 13,237 and the CAC 40 in Paris put on 1.4 per cent to 5,043.

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