Wall Street rallies on strong economic data; tech in focus

The front facade of the New York Stock Exchange is seen in New York, U.S., February 16, 2021. REUTERS/Brendan McDermid/File Phototo 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.plunged almost 10% in a sign of tumbling investor anxiety about the risks ahead.

Companies are providing guidance after staying quiet during the pandemic, while lower bond yields and results that beat estimates are driving the rally, said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York. "There is a lot of anticipation of what's to come," he said. "We've seen actual reports beating these very high expectations. Yields have come back down, which is very positive for tech."

Earnings take center stage next week when 40% of the S&P 500's market cap report on Tuesday through Thursday, including the tech and related heavyweights of Microsoft Corp

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