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Tech stocks close out first six-week rally since January 2020


Tech stocks on display at the Nasdaq.Peter Kramer | CNBCTech stocks still haven’t fully rebounded from a miserable 2022, but they’re rewarding investors who saw the sell-off as too extreme.The Nasdaq Composite gained 2% this week, wrapping up the sixth-straight weekly rally for the tech-heavy index. It’s the longest stretch since January 2020, before the Covid-19 pandemic hit the U.S.related investing newsStocks across the board got a big boost Friday after a strong jobs report for May and the Senate’s passage of a debt ceiling bill Thursday night, which allowed the U.S. to avert default. President Joe Biden still has to sign the bill.While last week’s gains were spurred by Nvidia’s earnings report and a surge in optimism around demand for technologies powering artificial intelligence workloads, this week didn’t see any notable news in the mega-cap group. But there was continued upward momentum.Among the most-valuable Nasdaq companies, Tesla led the way, with an 11% increase for the week. Shares of the electric vehicle maker are now up 74% for the year after losing roughly two-thirds of its value in 2022.Tesla and Nvidia, which has climbed 169% this year, have helped pull the Nasdaq up 27% in 2023, far outpacing the S&P 500 and Dow Jones Industrial Average. After peaki …

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