S&P 500 Snaps 2-Day Losing Streak as Tech U-Turn Triggers Rally

S&P 500 Snaps 2-Day Losing Streak as Tech U-Turn Triggers Rally

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By Yasin Ebrahim

Investing.com – The S&P 500 snapped a two-day losing streak Thursday as tech found its footing following a recent drumming that some on Wall Street say pressured stocks to oversold levels that may be too attractive too ignore.  

The was up 0.55%, the rose 0.62%, or 199 points, the was up 0.12%, but had been down more than 1% intraday.

"We believe the action today may be pushing stocks into moderately oversold territory on a short-term basis once again," Janney Montgomery Scott said. "[W]e are on guard for some choppy action ahead with the likelihood of a trading rally materializing soon."

The dip buying in tech comes even as leaders of megacap tech including Google-parent Alphabet (NASDAQ:), Facebook (NASDAQ:FB), Microsoft (NASDAQ:) and Twitter (NYSE:) are under scrutiny on Capitol Hill.

Palantir Technologies (NYSE:), meanwhile, also appears to be one of those stocks that could be flashing attractive valuations after Ark Investor's Cathie Wood snapped up positions in the