Tech stocks have finally clawed their way back to the glorious heights of the dot-com boom. At close of trading yesterday, the S&P 500 Information Technology sector had reached 992.29, bettering the 988.49 record set in March 2000. The recent surge which has helped the index over this symbolic milestone has been fueled in part by better than expected profits across a wide range of companies.
With high-profile players like Netflix enjoying a great period, investor optimism is high. As another example, Facebook stocks are around 40 percent higher today than when compared to the end of last year. The real test though will be in sustaining and improving on the position. Only time will tell if this optimism has been well-placed.
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