Wall Street registered strong gains on May 17 as investors scooped up beaten-down shares in the technology and other sectors. The technology sector has been through a rough patch in recent weeks as evident from an 8.2% decline in the biggest sector ETF XLK. Rise in interest rates amid faster Fed rate hikes has been the dampener.

Among the tech space, cryptocurrency recorded a bloodbath. Over the last week, numerous cryptocurrencies have seen prices nosedive. As of last week, 40% of bitcoin investors were hit hard by the crypto plunge, according to data from crypto intelligence firm Glassnode, quoted on grow.com.

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