The Dow Jones industrial average sailed to a record high on Tuesday as tech stocks rebounded after a two day slide.
Don’t call it a comeback.
The Dow Jones industrial average sailed to a record high on Tuesday as tech stocks rebounded after a two day slide.
The Dow climbed 93 points, or 0.4%, to 21,328.
The index at one point climbed north of 21,330 points as midday trading hit a new intraday high.
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The jump came as Federal Reserve policy makers started a two-day meeting after which they are expected to announce an increase in interest rates.
“The expectation of a rate hike…is widely held, and has been reinforced by the most recent round of Fed communications, ” Michael Feroli, an economist with JP Morgan, told Reuters.
The S&P 500 is currently above the record high it set earlier this month and the Dow and Russell 2000 are above the highs they set Friday.
On the New York Stock Exchange, two stocks are rising for every one that is falling.
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Technology companies got back some of their losses from a steep slide over the last two days. Facebook rose $2.35, or 1.6 percent, to $150.79 while Microsoft gained 91 cents, or 1.3 percent, to $70.69.
“The selloff in tech probably was a bit further than people expected, so there is some bargain hunting back into that sector, ” Rick Meckler, president of LibertyView Capital Management, told Reuters.
