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Wall Street stocks advance after cryptocurrency jitters


Investors on Wall Street looked past last week’s cryptocurrency jitters to send stocks higher, led by the technology sector.

Tech shares were the top performers on the S&P 500, propelling the blue-chip benchmark up 1 per cent at lunchtime in New York, while the tech-focused Nasdaq Composite index gained 1.4 per cent.

Energy stocks also climbed after Goldman Sachs forecast Brent crude, which leapt 3 per cent to $68.51 a barrel on Monday, would reach $80 this year as economies recovered from the pandemic.

Wall Street was rattled last week by the prospect that a cryptocurrency rout could ripple into other asset classes. Bitcoin fell 13 per cent on Sunday, before rising 7 per cent on Monday, although it remains more than 40 per cent below its April peak.

Analysts are examining correlations between trends in cryptocurrency and other financial markets, such as richly valued tech stocks, citing the possibility that investors who borrowed…

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