BOSTON/NEW YORK (Reuters) – Prominent U.S. fund managers piled into big-name technology stocks and bottom-fished in the beaten-down energy sector as markets reeled from the coronavirus-fueled selloff in the first quarter, regulatory filings released on Friday showed.
They also cut exposure in restaurants, retail and airlines as the mounting number of deaths from the coronavirus — which have now topped 86,000 in the United States — forced shutdowns of virtually all nonessential businesses in most U.S. states.
The first quarter was marked by a 20% plunge in the Standard & Poor’s 500 index and a swelling of the jobless ranks by the millions. While the filings are backward-looking, they give a glimpse of what investors did during a historic stock market selloff and the start of an economic crisis that is being likened to the Great Depression of the 1930s.
Technology giants including Microsoft Corp, Amazon.com Inc, Apple Inc, Google owner Alphabet Inc and Facebook Inc saw fresh…
Source Reuters Tech News
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