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New highs spur investor euphoria

Tech stocks are reasserting leadership after a selloff in November proved brief; after a 30 per cent rally, the Nasdaq has made 72 fresh highs

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Unlike the dotcom era, when investors snapped up web companies with promise but little profit, today's gains are built on earnings. According to an estimate by Sanford C Bernstein, tech earnings expectations have outpaced other industries every year since 2014, with the growth rate double the market.

New York

FOR a bull market whose hallmark emotion for nine years has been nagging doubt, this one is starting to breed believers.

Little by little, resistance is falling, as milestones such as 7,000 on the Nasdaq Composite Index are passed and new ones like 2,700 on the S&P 500

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