Activist investor Elliott Management takes stake in SalesforceNEW YORK, Jan 23 - Wall Street closed sharply higher on Monday, fueled by surging technology stocks as investors began an earnings-heavy week with a renewed enthusiasm for market-leading momentum stocks that were battered last year.
All three major stock indexes extended Friday's gains, with the tech-heavy Nasdaq leading the pack, boosted by semiconductor shares" a group that's been depressed, so I’m not too surprised," said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia. "We're going to see earnings from these companies over the next couple of weeks and that will be where the rubber meets the road.
Investors are all but certain the Federal Reserve will implement a bite-sized interest rate hike next week even as the U.S. central bank remains committed to taming the hottest inflationary cycle in decades. " are pretty comfortable that they’re going to see lower rate hikes from the Fed, that we are rounding the corner on inflation and interest rate hikes," Tuz added. "Stocks can do well in that environment, especially the big growth stocks that drive the market."
Financial markets have priced in a 99.9% likelihood of a 25 basis point hike to the Fed funds target rate at the conclusion of its two-day monetary policy meeting next Wednesday, according to CME's FedWatch tool.
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