Wednesday, 28 June, 2017

Wall St opens higher as tech stocks bounce back

European stocks buoyed by French election outcome Wall St. higher at the open; Dow hits record high
Juana Turner | 20 June, 2017, 00:40

Big gains in technology companies sent major USA stock indexes to more record high closes on Wall Street.

While the Nasdaq dipped 13.74 points or 0.2 percent to 6,151.76, the Dow edged up 24.38 points or 0.1 percent to 21,384.28 and the S&P 500 crept up 0.69 points or less than a tenth of a percent to 2,433.15.

The tech sector saw a substantial bounce Monday, with the S&P 500 information technology sector closing 1.66 percent higher for its best day of the year.

Amazon led technology stocks higher with its shares increasing 1.33% to US$1,000.96 following last week's announcement that it had agreed to buy Whole Foods.

The S&P 500 and the Dow Jones industrials both closed at all-time highs.

The gains Monday put major USA indexes further into record territory. "Investors were temporarily chased from the space but many companies in the sector offer growth which is hard to find in the market as a whole."Apple (AAPL.O) rose 3.8 percent to $146.07, providing the biggest boost to technology followed by Microsoft (MSFT.O), Alphabet (GOOGL.O) and Facebook (FB.O)".

Significant strength was also visible among semiconductor stocks, as reflected by the 1.9 percent advance by the Philadelphia Semiconductor Index. Nasdaq 100 e-minis were up 43.5 points, or 0.77 percent, on volume of 38,221 contracts.

Apple was one of the biggest gainers, rising more than 1.9% in early trade.

The S&P's financial sector.SPSY was also one of the benchmark's strongest gainers with a 0.98 percent rise after New York Federal Reserve President William Dudley said USA inflation was a bit low but should rise alongside wages as the labor market continues to improve, allowing the Fed to continue gradually tightening monetary policy.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.17 percent.

The S&P 500 opened up 0.4 percent, leaving it just below a record of its own.

The Russell 2000 is up 60.95 points, or 4.5 percent.

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