Shares of tech companies rose as traders jumped back into the sector to start the New Year. The tech sector had led the stock market for much of the bull market that began in 2009. But late last year, investors grew wary of elevated valuations and began to rotate into less stellar performers, such as financial stocks.
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This week, the Select Sector Technology exchange-traded fund, which tracks the technology sector in the Standard & Poor's 500, has registered its biggest percentage gain since December 2016. Travis Kalanick plans to sell 29% of his shares in Uber Technologies, the ride-hailing giant he co-founded for about $1.4 billion, as part of a broader investment deal led by SoftBank Group, The Wall Street Journal reported. Mr. Kalanick owns about 10% of the company.
-Rob Curran, email@example.com
(END) Dow Jones Newswires
January 05, 2018 16:55 ET (21:55 GMT)