ASX on track for six-day winning streak, as Wall Street's beaten up tech stocks rebound

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Australian shares are set to rise for their sixth day in a row, as global markets continue to bet on COVID-19 vaccines being rolled out soon to drive a faster-than-expected economic rebound.

The Australian share market is at its highest level in eight months, and is set to rise again for the sixth day in a row.

After suffering heavy losses in the past couple of days, US technology stocks made a comeback as investors bought the dip. Encouraging data from Pfizer's and BioNTech's late-stage vaccine, earlier this week, prompted investors to sell down their holdings in technology stocks. "We will see this tug of war between the virus and the vaccine and between growth and cyclicals for months, until there's a more definitive timeline for mass distribution of the vaccine," said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York.Markets got a boost from Democrat Joe Biden being projected as the winner of last week's divisive US election.

 

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Bet you $5 it doesn’t go up

THANKS JoeBiden !

You know the ASX isn't the Economy, right ? .. It's just the rich pricks

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