Shares of technology companies rose, but not by as much as the broad market, as investors rotated into more cyclical sectors that stand to gain more from an effective vaccine and economic-stimulus legislation.

Tesla shares surged, as the electric-car maker's torrid rally continued, a session after analysts at brokerage Wedbush said an "inflection point" in electric-vehicle demand could cause shares to double in value.

Shares of Tesla have now risen more than sixfold for the year to date, propelling Chief Executive Elon Musk to a position as the second wealthiest person on earth.

Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

11-24-20 1702ET