Tech leads Wall Street rally, shrugging off election limbo
Stocks rallied on Wall Street Wednesday, sending the S&P 500 index up 2.2%, as investors embraced the upside of more gridlock in Washington. Technology stocks, which have proved impervious to the damage inflicted on other industries by the coronavirus pandemic, led the way higher. The tech-heavy Nasdaq index rose 3.9%. With Republicans edging closer to retaining control of the Senate, prospects dimmed for the tax increases and tighter regulations on businesses that investors expected if Democrats scored an electoral sweep. However, a big stimulus effort for the economy that some on Wall Street say is needed now also seems unlikely.
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