This could be a perfect year for the stock market

S&P 500 profits as expressed as a percentage of price sat at 4.5 per cent recently, compared with 10-year Treasury yields of 2.4 per cent

Bouncing technology shares are putting a perfect year back within reach of the US stock market.

While short of a recovery, the advance in the market’s biggest industry has helped the S&P 500 Index rebound from four days of losses at the start of the month. The FANG group of Facebook, Amazon.com, Netflix and Google parent Alphabet gained 1.4 per cent over five days, retracing two-fifths of the worst weekly loss in five months.

The swift turnaround has prompted market watchers like Rich Ross at Evercore ISI to predict a revival in tech leadership that will drive the S&P 500