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Tech Rallies As Apple, Intel Gain -- Tech Roundup

12/07/2021 | 05:46pm EST

Shares of technology companies saw some of their biggest gains in recent months as worries about economic growth and interest rates subsided.

The SPDR Select Technology exchange-traded fund, which tracks the tech industry group of the Standard & Poor's 500, rose by 3.5%, and neared all-time highs. "While optimism is high that the Omicron won't lead to widespread lockdowns in the U.S., some restrictions could threaten the outlook and allow the Fed to wait a month before accelerating its taper plan," said Edward Moya, senior market analyst at foreign-exchange brokerage OANDA Group, in a note to clients.

Chipmakers rose after Intel unveiled a plan to take its Mobileye self-driving car unit public. Rival Nvidia rose by roughly 7% as fears about supply-chain outages and the Omicron variant subsided.

Shares of Apple rose sharply after analysts at brokerage Morgan Stanley boosted their price target on the tech giant, saying investors were underestimating the potential of new products in the augmented-reality and self-driving car businesses, citing its success launching "wearables" in recent years.

Meta Platforms rose slightly as Instagram executives pledged to make the social network safer for teens, and as representatives of Rohingya refugees sued Facebook, alleging the platform perpetuated a genocide in Myanmar.

Tesla Chief Executive Elon Musk criticized the Biden administration's plan for providing rebates on electric-car purchases, urging the government to minimize its role in the industry.

 Write to Rob Curran at rob.curran@dowjones.com 

(END) Dow Jones Newswires

12-07-21 1745ET

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