Tech stocks soar after disappointing US jobs report
The IndependentFor free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. The popularity of the FANGs – Facebook Amazon Netflix and Google – in New York helped lift their smaller technology-driven counterparts in the UK, said IG chief market analyst Chris Beauchamp. “The FTSE 100 has spent the day giving back its earlier strong gains, and while ‘tech names’ like Just Eat Takeaway and Ocado have made headway it is miners that have trimmed the opening bullishness of the index,” he said. Mr Beauchamp said that the technology stocks gained as they “found renewed appeal among investors worried that the economic rebound that was supposed to be so good for physical economy stocks is beginning to fade, and that it is time to return to faithful names like Apple and Amazon, known for their powers of cash generation.” It helped push the UK’s FTSE 100 index up by 0.4% at the end of the day.
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