An index of widely followed technology stocks and internet stocks broke an intraday record on Tuesday, reaching its first all-time high in more than a month.
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The NYSE FANG index rose 1.1% and was on track for a fifth positive session, its longest in this category since June. The index is up 11% from a low hit earlier this month. The index's previous intraday record was set on Sept. 7, on September 7.
There are 10 components in the index, with most solidly higher territory on Tuesday. Notably, Alibaba Group and Baidu both advanced, extending a recent rise in listing of U.S.-listed shares of China-based companies. Alibaba gained 4.1% and Baidu was up 2.2%.
Among U.S. stocks, Facebook gained 1.3%, in a move that MKM Partners suggested could represent investors rotating out into the social-media company and out of Snap. Apple Inc. rose as much as 1.8% and was on track for a fourth straight session of gains. A few of the index components were in positive territory, with Amazon.com Inc. down 0.4% and Netflix Inc. down 0.5% ahead of quarterly results due after the market closes.
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