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Wall Street posts second straight weekly drop on tech slide – The Australian Financial Review
The tech sector posted its fifth decline in six days and biggest weekly percentage decline since March with the path of least resistance seen still lower.
Growth stocks, which include many tech names along with others that have benefited from government-imposed lockdowns such as Amazon, also moved lower. In contrast, value names edged up.
About once a month the market experiences several days or a bit more of investors dropping growth for value, said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York.
“While growth isn’t cheap, it is growth and a lot of these companies are doing well during the pandemic so I wouldn’t be s…
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