Cash from the sidelines is pouring into technology funds these days as investor fear has abated, sparking a phase of accumulation on Wall Street.
Following three years of devastating losses in which it took more blows than Gerry Cooney in a title fight, the technology sector has bounced back and is now garnering assets at a rapid pace. In fact, the average technology mutual fund is up more than 30% year-to-date, according to Chicago-based fund tracking firm Morningstar. Further proof of a tech revival can be seen in the tech-laden Nasdaq Composite Index, which has risen 56% since hitting multi-year lows on Oct. 9. Most notably, semiconductor and Internet stocks have turned in stellar performances.