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Technology stocks hit new highs on Wednesday as tech-heavy companies Nasdaq Composite rose 1%, with investors flocking to key software and megacap companies.
The Technology Select Sector SPDR Fund (XLK) It rose 1.8%, rebounding for the fourth straight session since mid-October and surpassing its previous high set in July.
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XLK reaches new high
The rally came amid a rebound among major software vendors Salesforce rose more than 9% after reporting strong gains after the bell on Tuesday. Adobe rose by 4% and ServiceNow rose by more than 5%. Godaddy, oracle And Palo Alto Networks each increased by around 3%.
Major megacap technology stocks also rallied Apple The increase increased by 0.2% and reached a new record. Nvidia outperformed the “Magnificent Seven” titles and increased by more than 3% Amazon rose by more than 2%. alphabet And Microsoft each increased by at least 1%. Metaplatformshowever, was flat.
Marvell technology was another clear winner, up 23% after a solid quarter. In the semiconductor sector Broadcom And Arm stocks added more than 1% and 0.7% respectively.
Other technology funds that reached new highs included First Trust Cloud Computing ETF (SKYY) And iShares Expanded Tech Software Sector ETF (IGV).