Business
US stocks close mixed, Dow notches fifth straight record high – The Australian Financial Review
US 10-year note yields surged and investors renewed bets on beaten down shares in companies such as Boeing, which lifted the Dow to another record.
Boeing rose 6.8 per cent to lead the Dow and S&P 500 higher. The rising Dow and tumbling Nasdaq reflect an ongoing sell-off in tech as investors buy cyclical and underpriced value stocks that are expected to do well as the economy recovers.
For tech stocks to continue to flourish you need low rates, and in effect slower growth, said Thomas Hayes, chairman and managing member of hedge fund Great Hill Capital.
But with the stimulus package the economy is likely to expand 7 per cent to 9 per cent this…
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