Hedge funds snap up tech stocks at fastest pace in five months

Global hedge funds this week bought U.S. information technology stocks, such as semiconductors and hardware, at the fastest in five months amid the start of the third-quarter earnings season, according to Goldman Sachs.

Tech stocks powered Wall Street stocks to a higher close and crude prices posted their biggest weekly drop in a month as investors looked past mixed earnings and focused on solid Netflix results and Beijing’s policy steps to boost Chinese demand.