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The Nasdaq Composite breached 6,000 yesterday as investors piled into technology and smaller companies with strong growth prospects amid concerns that Donald Trump will be unable to spark inflation through tax cuts and big public spending plans.
纳斯达克综合指数(Nasdaq Composite)昨日突破6000点，投资者大举买入增长潜力较强的科技股和小盘股，市场担心唐纳德?特朗普(Donald Trump)将无法通过减税和庞大公共支出计划来刺激通胀。
The rally, which extended the tech-heavy benchmark’s double-digit gain for the year, also saw the Russell 2000 index of small capitalisation stocks hit an all-time peak.
除了延续这个科技股集中的股指今年以来的两位数涨幅外，此轮涨势也把追踪小盘股的罗素2000(Russell 2000)指数推升至历史新高。
Until this month, Wall Street’s post-election rise has been driven by “Trumpflation” expectations that a Republican-controlled Washington would usher in a sweeping pro-business programme including deregulation, tax cuts and a $1tn infrastructure plan.
直到本月早些时候，华尔街的大选后涨势一直是由“特朗普通胀”的预期驱动的，该预期认为共和党控制的华盛顿将开启一个全面的亲商时代，具体举措包括放松管制、减税和1万亿美元基础设施建设计划。
But recent data showing unexpected weakening in consumer prices and signs Mr Trump is stumbling in his domestic agenda has reset forecasts, leading investors to hunt for companies with underlying growth prospects regardless of the macroeconomic environment.
但近期数据显示消费价格指数(CPI)意外趋弱，同时有迹象显示特朗普的国内议程进展不顺利，这促使市场调整预测，推动投资者追逐无论宏观经济环境如何、潜在增长前景都较好的公司。
“This is a risk-on rally but not a reflation rally — one of the characteristics of this market year-to-date has been a strong outperformance by growth over value,” said Russ Koesterich, portfolio manager at BlackRock’s Global Allocation fund.
“此轮涨势的驱动因素是风险偏好上升，而不是对再通胀的预期——从年初至今，这个市场的特征之一是成长型股票的表现比价值型股票强劲得多，”贝莱德(BlackRock)全球配置基金(Global Allocation fund)投资组合经理拉斯?克斯特里奇(Russ Koesterich)表示。
Renewed appetite for tech and a rally in the so-called Fangs — Facebook, Amazon, Netflix and Google-parent Alphabet — has spurred a near 12 per cent gain for the Nasdaq this year, well ahead of the S&P 500’s 6.5 per cent rise.
投资者对科技股再度胃口激增，加上所谓的Fang—— Facebook、亚马逊(Amazon)、Netflix以及谷歌(Google)母公司Alphabet——的涨势，推动纳指今年以来上涨近12%，远高于标准普尔500(S&P 500)指数6.5%的涨幅。
Fang stocks have collectively added $245.8bn to their market values since the end of last year. All have hit new record highs this month. Smaller technology and biotechnology groups have also been bid up by investors.
自去年底以来，四只Fang股票总共增加了2458亿美元的市值。它们在本月都创下新高。较小的科技股和生物科技股也被投资者推高。
Yesterday, the Nasdaq climbed as much as 0.7 per cent to 6,029.86 after closing at a fresh high on Monday.
昨日，纳斯达克指数在周一收于创纪录高位的基础上，进一步上涨0.7%，至6029.68点，收于6025.49点。
Wall Street will closely scrutinise tech earnings, with several of the sector’s biggest names reporting tomorrow.
华尔街将密切关注科技股盈利数字，该行业有几家规模最大的公司明日将报告业绩。
Analysts reckon the sector will post earnings growth of at least 13 per cent in the first quarter, according to FactSet data, an uptick from 10 per cent pace notched in the final three months of 2016. Dennis DeBusschere, head of portfolio strategy at Evercore ISI, said tech gains could continue, particularly if the Federal Reserve was gradual in tightening monetary policy.
FactSet数据显示，分析师们预计该行业将报告第一季度盈利增长至少13%，比2016年最后三个月10%的增长步伐有所加快。Evercore ISI投资组合战略负责人丹尼斯?德布斯西尔(Dennis DeBusschere)表示，科技股的涨势有望延续，尤其是在美联储(Federal Reserve)逐渐收紧货币政策的情况下。
