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ASX defies tech stock slide for gain
The Australian sharemarket racked up its second consecutive day of gains, buoyed by a strong lead from Wall Street and defying a tech stock drop led by the Nasdaq moving into correction territory.
The Australian sharemarket racked up its second consecutive day of gains, buoyed by a strong lead from Wall Street and defying a tech stock drop led by the Nasdaq moving into correction territory.
Overnight the Dow Jones Industrial Average surged 1.5%, following progress on a new fiscal stimulus bill that brightened economic prospects. The S&P 500 climbed 0.2%. Meanwhile, the Nasdaq Composite fell 1.6%, entering correction territory, as tech stocks extended their declines. Rising bond yields dent the allure of growth stocks like those of big tech companies.
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ASX recovers $116bn in best day since June 2020
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