Tech leads stocks higher as investors await election results
NEW YORK (AP) — Stocks are opening higher on Wall Street as investors pile more money into Big Tech companies, which have proven reliable moneymakers even as the coronavirus pandemic devastates other industries.
The S&P 500 climbed 1.2% and the tech-heavy Nasdaq jumped 2.4%. Small-company stocks and Treasury yields fell, signs that investors remain cautious with the outcome of the U.S. presidential election still unkown.
Investors had been hoping for a clearer outcome, and stock futures and bond yields spun through another election night dominated by surprises. Uber and Lyft soared after winning a vote in California letting them continue to treat drivers as contractors.