Apple, tech stocks show signs of life after Trump thump

November 16, 2016 12:32 PM EST

The Apple Inc. store is seen on the day of the new iPhone 7 smartphone launch in Los Angeles, California, U.S., September 16, 2016. REUTERS/Lucy Nicholson

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Shares of Apple gain 2.3 pct on Wednesday in their biggest increase since President-elect Donald Trump's surprise election victory a week ago

Other tech is also recovering after investors rotated away from the sector and into banks and materials companies expected to benefit under Trump

S&P 500 information technology sector index up 0.62 pct, in second straight day of gains. Index is still down more 1.2 pct since Trump won the election

Alphabet gained 0.77 percent, reducing its loss since the election to 3.8 percent

Facebook remains down 5.5 pct since the election and is 5.1 percent lower

Apple remains down 1.2 pct since the election and is trading at about 12 times expected earnings, according to Thomson Reuters Datastream

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