US stocks rose for a sixth day on Tuesday. The S&P 500 rose 0.4 percent while the Nasdaq Composite rose 1.0 percent.
Despite the recent recovery in the Nasdaq, one prominent hedge fund is betting against technology stocks. From Bloomberg:
Greenlight Capital Inc., the $10.3 billion hedge-fund firm run by David Einhorn, said it was betting against a group of technology stocks as evidence grows of a bubble.
“There is a clear consensus that we are witnessing our second tech bubble in 15 years,” the New York-based firm said in a quarterly letter to clients today.
Greenlight said that companies it’s betting against may fall by at least 90 percent “if and when the market reapplies traditional valuations,” according to the letter, a copy of which was obtained by Bloomberg News.
In economic news on Tuesday, US existing home sales fell 0.2 percent in March but in the euro area, the consumer confidence index rose to -8.7 in April, the highest in six and a half years, from -9.3 in March.
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