U.S. stocks jumped in afternoon trading on Thursday, as gains in internet and technology shares lifted the Nasdaq near record levels and helped to overshadow ongoing uncertainty over trade relations between the U.S. and China.
The day’s gains were broad, with 10 of the 11 S&P 500 sectors higher on the day. However, the biggest boosts to Wall Street came from the information technology sector, which was up 1.6%. The industry lifted the Nasdaq-100 to a record and put the broader Nasdaq on track for a record close.
What are markets doing?
The Dow Jones Industrial Average DJIA, +0.81% rose 205 points, or 0.8%, to 24,906. The S&P 500 index SPX, +0.76% gained 21 points, or 0.8%, to 2,794. The tech-centric Nasdaq Composite Index COMP, +1.17% rose 87 points, or 1.1%, to 7,803, hitting an all-time high. The last time the Nasdaq closed at an all-time high was June 20, according to FactSet data.
All three were on track for their fifth rise of the past six sessions.
Tech stocks were among the biggest boosts to all three, with Microsoft Corp. MSFT, +2.18% up 2.1%, hitting a record, while Cisco Systems Inc. CSCO, +2.10% added 2%. Intel Corp. INTC, +1.86% was up 1.9% while Apple Inc. AAPL, +1.56% added 1.7%.
For the week, Dow is set to post a weekly gain of 1.9%, which would represent its best weekly win since the period ended June 8. The Nasdaq is eyeing a weekly advance of 1.5%, while the S&P 500 is on pace for a weekly return of 1.3%.