Tech Stocks Rally With Broader Market Recovery

By Jennifer BootonMarketWatch Pulse

Tech stocks opened broadly higher on Tuesday, rebounding from three consecutive days of losses amid a broader market recovery. Of the two major tech-industry ETFs, the Technology Select Sector SPRD Fund rose 2.8%, while the PowerShares QQQ Trust increased 3.2%. Among the biggest tech-sector movers was Apple Inc. , up 5% after the stock was upgraded at Wells Fargo on what the analyst believes are overblown China concerns, and Netflix Inc. , up 7%. Elon Musk's SolarCity Corp. gained 4.2%, while Tesla Motors Inc. increased 3.8%. Inc. climbed 4.5%, while its e-commerce equivalent in China, Alibaba Group , increased 3.3%. Shares of Etsy Inc. , which went public earlier this year, jumped 6%, while Fitbit Inc. gained 4.8%. As for social media stocks, Facebook Inc. led the gains, rallying 4%, while Twitter Inc. increased 1.8% and LinkedIn gained 2.8%. The Dow Jones Industrial Average was up more than 300 points in morning trade.

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