Tech stocks lift S&P 500, Nasdaq as Fed meeting kicks off

- The S&P 500 hit an all-time high on Tuesday while the Nasdaq touched a two-week peak as technology stocks caught a bid ahead of the Federal Reserve’s two-day policy meeting.

Apple Inc rose 1.4% as Evercore ISI hiked its price target on the iPhone maker’s shares to the highest on Wall Street. Other mega-cap stocks including Facebook Inc, Netflix Inc, Alphabet Inc and Microsoft rose between 1% and 1.7%. Wall Street’s fear gauge hit a five-week low at 19.68 points as yields on the benchmark U.S. 10-year Treasury slipped for the second straight session to 1.59% from a 13-month high hit last week.

Investors have slightly increased their cash allocation, deeming that inflation and ‘taper tantrums’ could topple the record rally in financial markets, BofA’s March fund manager survey showed on Tuesday.

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