“The bullish behavior comes after XLK investors pulled the plug on $1.2 billion worth of bets in February, the largest month of outflows for the fund since October 2014, the data show. Tech, media and telecom stocks have recovered since the broad market selloff on Feb. 5, aided by strong fourth-quarter earnings,” according to Bloomberg.
The PowerShares QQQ (NasdaqGM: QQQ), which tracks the tech-heavy Nasdaq-100 Index, has added about $200 million in new assets over the past week.
Stocks such as Apple (NASDAQ: AAPL), Google parent Alphabet Inc. (NASDAQ: GOOG), Facebook Inc. (NASDAQ: FB) and Microsoft Corp. (NASDAQ: MSFT) are pivotal to QQQ’s performance.
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