NEW YORK: A weaker-than-expected election performance by Democrats and fears of new coronavirus restrictions have prompted investors to double down on high-flying technology stocks, which have come roaring back in recent days to put the Nasdaq within striking distance of a record.
Investors had been expected to sell high-flying tech stocks and lock in current capital gains tax levels ahead of a strong Democratic showing in the election. "Tech has been getting cheap, at least relative to where it's been, and that sets it up nicely if we have to have a move back to a stricter stay at home mandate," said Jim Paulsen, chief investment strategist at The Leuthold Group.
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