Wall St tech stocks surge on Joe Biden's infrastructure plan

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Big-name technology stocks boost the S&P 500 index to a record high ahead of the US President's infrastructure plan, although the Dow Jones index loses ground.

Technology stocks on Wall Street surged as investors awaited details of US President Joe Biden's massive infrastructure plan.

"The trend we're seeing today is investors rotating back into growth-oriented names that have gotten a little bit beaten up over the past few weeks or so due to underlying rotation toward the economic reopening stocks," said Michael Sheldon, chief investment officer at RDM Financial Group. Investors once again sold off government bonds, with 10-year Treasury yields rising as high as 1.753 per cent, after initially being pushed down on demand from traders rebalancing their portfolios for the end of the March quarter.

 

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