Technology shares regained market leadership this week amid major deals among tech giants and the successful debut of SK Hynix shares on Wall Street. The tech rally came despite another spike in oil prices, which pressured the bond market—a headwind for the broader market.
For the week, the Dow Jones Industrial Average edged 0.50 percent lower, closing at 52,637. The S&P 500 rose 1.23 percent to 7,575, near its weekly high reached on July 10. The Nasdaq Composite fared far better, up 1.74 percent. The Russell 2000 fell 0.61 percent.
The Chicago Board Options Exchange Volatility Index closed the week at 15.03, down 3.47 percent.
Stocks opened the week sharply higher on July 6, led by the tech sector. The sector rebounded from a sell-off at the end of last week, as buy-the-dip investors returned to the market. The tech-heavy Nasdaq gained 1.12 percent for the day. The S&P 500 rose 0.72 percent. The Dow Jones and the Russell 2000 posted moderate gains of 0.30 percent and 0.61 percent….