Bellwether Techs Enjoy a Late-Day Surge

Just when it looked like those still confused by yesterday's market action would have a rare second chance to reanalyze, something changed. Or, at least, investors returned to something familiar, as bellwether tech names led a late-day surge for market proxies.

Certainly, there were similarities between today and yesterday, as divergences remain in vogue. Most notably, the Dow Jones Industrial Average established another record behind strength in resurgent cyclical stocks. Additionally, recently torrid brokerages suffered again, as did consumer-focused names. Drug makers were notable losers after Pfizer (PFE Quote), which fell 10.1%, issued cautious comments about second-quarter earnings.

Major Indices INDEX CHANGE % VALUE YR TO DATE Dow 51.06 +0.5% 10,462.72 +13.9% S&P 500 5.59 -0.4% 1322.85 +7.6% Nasdaq 14.49 +0.6% 2521.77 +15% Russell 2000 0.38 +0.1% 417.77 -1% TSC Internet 15.45 -2.2% 678.72 +67% TSC E-Commerce 1.51 -1.1% 133.64 +57% TREASURY BOND CHANGE VALUE YIELD 30-Year 8/32 96 1/32 5.524%

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