Dow, S&P 500 up; tech-related shares underperform value [Reuters]
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Source: Reuters
Dow, S&P 500 up; tech-related shares underperform value (Reuters) - The S&P 500 and Dow rose on Monday, as investors rotated into value stocks from heavyweight tech-related names while they awaited news on progress in a fiscal support bill for the country’s battered economy. The Nasdaq .IXIC , which hit a record high every day of last week, was dragged lower by Microsoft Corp ( MSFT.O ), Amazon.com Inc ( AMZN.O ) and Facebook Inc ( FB.O ). The Dow was up 1.1% and touched a more than five-month high. Value stocks, which tend to outperform growth coming out of a recession, have gotten a lift in recent days. The Russell 1000 value .RLV index rose 0.9% on Monday, while the Russell 1000 growth .RLG index slipped 0.6%. Similar rotations in recent years have not lasted very long, said Paul Nolte, portfolio manager at Kingsview Investment Management in Chicago. So, “I’m looking at this more of a correction in growth stocks as opposed to just a correction” in the market. Bets on a potenti
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