納斯達(dá)克指數(shù)站上6000點(diǎn)

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(dá)克綜合指數(shù)(Nasdaq Composite)昨日突破6000點(diǎn)，投資者大舉買(mǎi)入增長(zhǎng)潛力較強(qiáng)的科技股和小盤(pán)股，市場(chǎng)擔(dān)心唐納德•特朗普(Donald Trump)將無(wú)法通過(guò)減稅和龐大公共支出計(jì)劃來(lái)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(xù)這個(gè)科技股集中的股指今年以來(lái)的兩位數(shù)漲幅外，此輪漲勢(shì)也把追蹤小盤(pán)股的羅素2000(Russell 2000)指數(shù)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(shí)候，華爾街的大選后漲勢(shì)一直是由“特朗普通脹”的預(yù)期驅(qū)動(dòng)的，該預(yù)期認(rèn)為共和黨控制的華盛頓將開(kāi)啟一個(gè)全面的親商時(shí)代，具體舉措包括放松管制、減稅和1萬(wàn)億美元基礎(chǔ)設(shè)施建設(shè)計(jì)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(shù)據(jù)顯示消費(fèi)價(jià)格指數(shù)(CPI)意外趨弱，同時(shí)有跡象顯示特朗普的國(guó)內(nèi)議程進(jìn)展不順利，這促使市場(chǎng)調(diào)整預(yù)測(cè)，推動(dòng)投資者追逐無(wú)論宏觀經(jīng)濟(jì)環(huán)境如何、潛在增長(zhǎng)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(shì)的驅(qū)動(dòng)因素是風(fēng)險(xiǎn)偏好上升，而不是對(duì)再通脹的預(yù)期——從年初至今，這個(gè)市場(chǎng)的特征之一是成長(zhǎng)型股票的表現(xiàn)比價(jià)值型股票強(qiáng)勁得多，”貝萊德(BlackRock)全球配置基金(Global Allocation fund)投資組合經(jīng)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(duì)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(shì)，推動(dòng)納指今年以來(lái)上漲近12%，遠(yuǎn)高于標(biāo)準(zhǔn)普爾500(S&P 500)指數(shù)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(lái)，四只Fang股票總共增加了2458億美元的市值。它們?cè)诒驹露紕?chuàng)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(dá)克指數(shù)在周一收于創(chuàng)紀(jì)錄高位的基礎(chǔ)上，進(jìn)一步上漲0.7%，至6029.68點(diǎn)，收于6025.49點(diǎn)。

Wall Street will closely scrutinise tech earnings, with several of the sector’s biggest names reporting tomorrow.

華爾街將密切關(guān)注科技股盈利數(shù)字，該行業(yè)有幾家規(guī)模最大的公司明日將報(bào)告業(yè)績(jī)。

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(shù)據(jù)顯示，分析師們預(yù)計(jì)該行業(yè)將報(bào)告第一季度盈利增長(zhǎng)至少13%，比2016年最后三個(gè)月10%的增長(zhǎng)步伐有所加快。Evercore ISI投資組合戰(zhàn)略負(fù)責(zé)人丹尼斯•德布斯西爾(Dennis DeBusschere)表示，科技股的漲勢(shì)有望延續(xù)，尤其是在美聯(lián)儲(chǔ)(Federal Reserve)逐漸收緊貨幣政策的情況下。