High-flying U.S. tech stocks get post-election lift, near new highs

By David Randall

NEW YORK (Reuters) – A weaker-than-expected election performance by Democrats and fears of new coronavirus restrictions have prompted investors to double down on high-flying technology stocks, which have come roaring back in recent days to put the Nasdaq within striking distance of a record.

Since Election Day, the tech-heavy Nasdaq Composite is up 6.6%, easily outpacing the 4.2% gain in the broad S&P 500 over the same time. This was partly driven by investors and traders unwinding trades placed on pre-election assumptions of a Democratic sweep which they thought would usher in higher taxes and more regulation.

Polls had forecast Democrats would solidly win the presidency on Tuesday, extend their control in the House of Representatives and potentially win control of the Senate. While Democratic candidate Joe Biden looks likely to win the presidency, the margin of victory appears to be razor thin; Democrats lost seats in

Read More