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Tech leads stocks higher as investors await election results

1 year 8 months 17 hours ago Wednesday, November 04 2020 Nov 4, 2020 November 04, 2020 9:00 AM November 04, 2020 in News
Source: Associated Press
The New York Stock Exchange

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.

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