US STOCKS-Nasdaq rebounds as focus returns to tech stocks

By Reuters

Wall Street's main indexes advanced on Wednesday as signs of a working COVID-19 vaccine raised hopes of a faster-than-expected economic rebound, with technology stocks bouncing back from steep losses this week. The tech-skewed Nasdaq advanced 1.5%, while technology mega-caps including Netflix Inc, Amazon.com Inc and Facebook Inc, the so-called stay-at-home winners, also gained between 1% and 2%. Encouraging data from a late-stage vaccine earlier this week prompted a rotation away from technology names, and lifted demand for stocks sensitive to economic growth, as well as those that have lagged this year such as energy, financials and industrials.

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