Tech Leads Stocks Higher Amid Growth Optimism: Markets Wrap

Olivia Konotey-Ahulu Claire Ballentine

(Bloomberg)- Technology shares led U.S. equities higher in the wake of this week’s deals activity and data suggesting the global economic recovery is gaining traction. The dollar fluctuated, while crude oil edged higher.

The S&P 500 gained for a third day, with the communications, utilities and information technology sectors the biggest gainers. Tesla Inc., Apple Inc. and Nvidia Corp. pushed the Nasdaq Composite higher after the index’s worst week since March.

“We’re seeing more conviction, and sentiment is improving on economic data, merger activity, vaccine news,” said Yousef Abbasi, global market strategist at StoneX. In Europe, Hennes & Mauritz AB led a rally among fashion retailers after beating profit estimates. Investors in Germany unexpectedly raised their expectations for the country’s economy. The offshore yuan climbed to the highest level in

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