Tech rally pushes Nasdaq to record as stocks rebound broadly

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.

Boeing Co. BA, +1.59% and Caterpillar Inc. CAT, +1.95% considered the most sensitive to trade-war fears, also ended higher on the day. Caterpillar rose 2% while Boeing gained 1.6%.

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

Read More Here...

Bookmark the permalink.