U.S. stocks climbed to record highs Thursday as the comeback in tech shares resumed, while the signing of additional fiscal stimulus gave sentiment a further boost.
 | THU, MAR 11, 2021 | | | | DOW | | NAME | LAST | CHG | %CHG | | AAPL | 121.96 | +1.98 | +1.65% | | INTC | 63.31 | +1.06 | +1.70% | | VZ | 55.51 | -1.57 | -2.75% | |
| | S&P 500 | | NAME | LAST | CHG | %CHG | | GE | 12.27 | -0.98 | -7.40% | | AAPL | 121.96 | +1.98 | +1.65% | | F | 12.81 | -0.10 | -0.77% | |
| | NASDAQ | | NAME | LAST | CHG | %CHG | | AAPL | 121.96 | +1.98 | +1.65% | | AMD | 81.23 | +3.71 | +4.79% | | TSLA | 699.60 | +31.54 | +4.72% | |
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Tech stocks took their turn in the lead again on Thursday as Wall Street enjoyed a broad rally. The Nasdaq Composite, hit hard in previous weeks by the rotation away from growth and a spike in interest rates, rose 2.5% and is now up 3.7% for the week. The Invesco QQQ Trust, which tracks the Nasdaq 100, is up 3% for the week.  The Dow and S&P 500 logged healthy gains as well and set record highs as steady bond yields and the official signing of the $1.9 trillion stimulus deal boosted investor confidence. Chris Osmond, the chief investment officer at Prime Capital Investment Advisors, said interest rates weren't high enough relative to history to cause real concern for tech stocks, allowing investors to buy the dip. "At these levels, tech companies can still be extremely profitable. I think where we are now, the market is trying to determine where to go from here and looking for sustained movement within the 10-year, within interest rates on the long end of the curve," Osmond said. One industry with a particularly strong session on Thursday was semiconductors. Chip stocks rose broadly after the China semiconductor trade association announced that it was partnering with a U.S. based industry group. The VanEck Vectors Semiconductor ETF (SMH) jumped 4.2%, while Nvidia and Advanced Micro Devices rose 4.2% and 4.8%, respectively. |
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