Shares of tech companies rose as concerns about valuations abated. "Tech has had a big run and the question on many minds is could this influential group be due for a break?" said Ryan Detrick, senior investment strategist at brokerage LPL Financial. "It very well could be ready for a short-term pause, but the good news is earnings are very strong out of tech and this should help erase any thoughts of a major tech bubble popping." Microsoft bounced after analysts at brokerage Morgan Stanley said software stocks in general, and Microsoft in particular, bear no signs of stretched valuations. "Strengthening secular positioning and a return to double-digit earnings-per-share growth" for Microsoft affords "investors increased confidence in the durability of mid-teens total return."
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-Rob Curran, firstname.lastname@example.org
(END) Dow Jones Newswires
June 19, 2017 16:39 ET (20:39 GMT)