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Tech could be the catalyst to lift the stock market to new highs

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The Charging Bull or Wall Street Bull is pictured in the Manhattan borough of New New York, January 16, 2019.
Carlo Allegri | Reuters

The S&P 500 could soon head to a new high if tech stocks can act as a booster to the broader market instead of a drag.

For the week, tech has gained 1.3%, though it was slightly negative Thursday. For the year, tech is one of the three worst sectors, up just 5.6% versus the 11.8% gain in the S&P 500.

"The question is was that a broken bounce in those names and is it almost over, or could they sustain a move over the next few weeks which would also sustain sentiment for the S&P to hit new highs heading into the Fed meeting June 16," said Scott Redler, partner with T3Live.com.

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