U.S. stocks closed solidly higher Thursday, with the Nasdaq ending at a record on the back of a rally in internet and technology giants, which 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 ending higher on the day. However, the biggest boost came from the information technology sector, which rose 1.8% in its biggest one-day percentage gain since June 1, a rally that took the sector to record levels.
What are markets doing?
The Dow Jones Industrial Average DJIA, +0.91% rose 224.44 points, or 0.9%, to 24,924.89. The S&P 500 index SPX, +0.87% gained 24.27 points, or 0.9%, to 2,798.29. The tech-heavy Nasdaq Composite Index COMP, +1.39% advanced 107.3 points to 7,823.92, a gain of 1.4% that took it to its first record close since June 20.
Tech stocks were among the biggest boosts to all three, with Microsoft Corp. MSFT, +2.17% up 2.2%, hitting a record, while Cisco Systems Inc. CSCO, +2.37% added 2.3%. Intel Corp. INTC, +2.25% was up 2.3% while Apple Inc. AAPL, +1.68% added 1.7%. All four stocks are Dow components.
All three indexes posted their fifth gain of the past six sessions. 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 1.8%, while the S&P 500 is on pace for a weekly return of 1.4%.
What is driving the market?
Recent action in equity markets has been influenced by trade policy. Stocks dropped