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Volatility in bank sector stocks caused by the quick collapse of Silicon Valley Bank earlier this month has ignited a rush into technology stocks which are now seen as safe haven trade.
The S&P 500 index communication services sector XX:SP500.50 has risen roughly 5.5%, while the information technology sector XX:SP500.45 has gained 4.1% compared to a 0.5% drop for the broader benchmark stock index SPX since March 8, when the Silicon Valley Bank first announced it had to sell all its available-for-sale securities to strengthen…
