Bank of America data shows $US3.3 billion flowed into tech shares last week, a record since the lender began tracking the data more than a decade ago.
Investors have poured a record amount of money into US technology shares, according to Bank of America, signalling fresh optimism that the sharp downdraft in the sector earlier in the year has turned.
Alphabet, the parent company of Google, grew revenues 13 per cent to $US69.7 billion, and generated $US16 billion in net income.related to its electric vehicle company Rivian, revealed strong performance for its cloud computing business, which helped to buoy revenues. The new jobs pushed the unemployment rate down to match the five-decade low of 3.5 per cent, and provided ballast to investors and analysts who have become worried about a slowdown in the world’s largest economy after two consecutive quarters of negative growth.
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