納斯達克指數站上6000點
The Nasdaq Composite breached 6,000 yesterday as investors piled into technology and smaller companies with strong growth prospects amid concerns that Donald Trump will be unable to spark inflation through tax cuts and big public spending plans.
納斯達克綜合指數(Nasdaq Composite)昨日突破6000點，投資者大舉買入增長潛力較強的科技股和小盤股，市場擔心唐納德?特朗普(Donald Trump)將無法通過減稅和龐大公共支出計劃來刺激通脹。The rally, which extended the tech-heavy benchmark’s double-digit gain for the year, also saw the Russell 2000 index of small capitalisation stocks hit an all-time peak.
除了延續這個科技股集中的股指今年以來的兩位數漲幅外，此輪漲勢也把追蹤小盤股的羅素2000(Russell 2000)指數推升至歷史新高。Until this month, Wall Street’s post-election rise has been driven by “Trumpflation” expectations that a Republican-controlled Washington would usher in a sweeping pro-business programme including deregulation, tax cuts and a $1tn infrastructure plan.
直到本月早些時候，華爾街的大選後漲勢一直是由“特朗普通脹”的預期驅動的，該預期認爲共和黨控制的華盛頓將開啓一個全面的親商時代，具體舉措包括放松管制、減稅和1萬億美元基礎設施建設計劃。
But recent data showing unexpected weakening in consumer prices and signs Mr Trump is stumbling in his domestic agenda has reset forecasts, leading investors to hunt for companies with underlying growth prospects regardless of the macroeconomic environment.
但近期數據顯示消費價格指數(CPI)意外趨弱，同時有跡象顯示特朗普的國內議程進展不順利，這促使市場調整預測，推動投資者追逐無論宏觀經濟環境如何、潛在增長前景都較好的公司。“This is a risk-on rally but not a reflation rally — one of the characteristics of this market year-to-date has been a strong outperformance by growth over value,” said Russ Koesterich, portfolio manager at BlackRock’s Global Allocation fund.
“此輪漲勢的驅動因素是風險偏好上升，而不是對再通脹的預期——從年初至今，這個市場的特徵之一是成長型股票的表現比價值型股票強勁得多，”貝萊德(BlackRock)全球配置基金(Global Allocation fund)投資組合經理拉斯?克斯特里奇(Russ Koesterich)表示。Renewed appetite for tech and a rally in the so-called Fangs — Facebook, Amazon, Netflix and Google-parent Alphabet — has spurred a near 12 per cent gain for the Nasdaq this year, well ahead of the S&P 500’s 6.5 per cent rise.
投資者對科技股再度胃口激增，加上所謂的Fang—— Facebook、亞馬遜(Amazon)、Netflix以及谷歌(Google)母公司Alphabet——的漲勢，推動納指今年以來上漲近12%，遠高於標準普爾500(S&P 500)指數6.5%的漲幅。Fang stocks have collectively added $245.8bn to their market values since the end of last year. All have hit new record highs this month. Smaller technology and biotechnology groups have also been bid up by investors.
自去年底以來，四隻Fang股票總共增加了2458億美元的市值。它們在本月都創下新高。較小的科技股和生物科技股也被投資者推高。
Yesterday, the Nasdaq climbed as much as 0.7 per cent to 6,029.86 after closing at a fresh high on Monday.
昨日，納斯達克指數在週一收於創紀錄高位的基礎上，進一步上漲0.7%，至6029.68點，收於6025.49點。Wall Street will closely scrutinise tech earnings, with several of the sector’s biggest names reporting tomorrow.
華爾街將密切關注科技股盈利數字，該行業有幾家規模最大的公司明日將報告業績。Analysts reckon the sector will post earnings growth of at least 13 per cent in the first quarter, according to FactSet data, an uptick from 10 per cent pace notched in the final three months of 2016. Dennis DeBusschere, head of portfolio strategy at Evercore ISI, said tech gains could continue, particularly if the Federal Reserve was gradual in tightening monetary policy.
FactSet數據顯示，分析師們預計該行業將報告第一季度盈利增長至少13%，比2016年最後三個月10%的增長步伐有所加快。Evercore ISI投資組合戰略負責人丹尼斯?德布斯西爾(Dennis DeBusschere)表示，科技股的漲勢有望延續，尤其是在美聯儲(Federal Reserve)逐漸收緊貨幣政策的情況下。
