Tech stocks lead Wall Street higher as Fed meeting begins

Tech stocks pushed Wall Street’s main indexes higher on Tuesday as positive US factory data fueled optimism around an economic rebound, while investors looked for continued support from the Federal Reserve as its two-day meeting got underway.

The tech index jumped 0.9% as it continued to recover from a brutal sell-off earlier this month that knocked the S&P 500 and Nasdaq off their all-time highs.

Apple Inc rose 0.6% ahead of a virtual product launch, where it is expected to unveil updated watches and iPads, but no iPhones.

“The technology stocks in many ways have become the new defensive stocks … in a world of extremely low interest rates these stocks have offered good returns,” said Anik Sen, global head of equities at PineBridge Investments.