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Wall Street climbs on boost from financials, tech stocks

The S&P 500 value index, which includes energy, banks and industrial stocks, has gained more than 9% this year, easily outperforming growth shares, which are down 0.4%.

March 26, 2021 / 10:24 PM IST
Source: Reuters

Source: Reuters

US stock indexes broadly rose on Friday, with technology and financial shares providing the biggest boost as investors bet on what is expected to be the fastest economic growth since 1984.

The S&P 500 and the Dow were set to end a choppy week higher as an end-of-quarter rebalancing of investment portfolios led to alternating boost from stocks that stand to benefit from a re-opening economy, and beaten-down technology shares.

The S&P 500 value index, which includes energy, banks and industrial stocks, has gained more than 9% this year, easily outperforming growth shares, which are down 0.4%.

"Investors are thinking about an economic recovery over the balance of the year and are taking a step back to evaluate valuations, fundamentals and some of the macro economic drivers," said Brian Vendig, managing executive at MJP Wealth Advisors in Westport, Connecticut.