The Dow Jones Industrial Average and S&P 500 set record highs as tech shares rallied and Treasury yields stabilized. The tech-heavy Nasdaq surged 2.5%.
TheStreet's Katherine Ross and Kace Capital's Kenny Polcari discussed breaking news in the stock market. Polcari spoke about tech stocks, Cathie Wood's investment into Roblox and markets on Thursday.
Polcari said tech stocks should be a part of your portfolio. "There are so many sub-sectors within technology whether it's clean energy technology, semis, cybersecurity, internet of things. Those are places where you can find an opportunity [to buy] not only this year but in the years ahead."
Shares of gaming company Roblox (RBLX) - Get Report were slightly higher Thursday after ARK Invest's Cathie Wood reportedly bought more than 500,000 shares of the videogame developer that surged 54% in its trading debut on Wednesday
Polcari said Cathie Wood has been playing the high growth, sexy technology names with Spotify (SPOT) - Get Report, Shopify (SHOP) - Get Report, Tesla (TSLA) - Get Report and Zoom (ZM) - Get Report. "And Roblox doesn't surprise me at all. But once the world reopens, are you going to be on Roblox, or will you go outside and live your life? Her strategy has been volatile and that's been clear. But I do think she is on the cutting edge."
Markets on Thursday
Polcari said he's watching the rotation out of value and back into growth stocks as the Nasdaq surged ahead of the other two indices on Thursday.