Technology companies soar as US stocks recover losses

Technology companies have soared as major US stock indexes recovered the ground they lost a day earlier.

The Nasdaq composite closed at another all-time high.

Big names such as Apple and Microsoft and chipmakers including Intel all made big gains as investors remain optimistic about the technology sector even though much of the market has been shaken by escalating tensions between the US and its trading partners, especially China.

Industrial companies also regained much of the ground they lost on Wednesday but energy companies and basic materials makers failed to rally.

Defence contractors climbed after President Donald Trump advocated for more defence spending in the US and Europe.

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The S&P 500 index rise 24.27 points, or 0.9%, to 2,798.29. The Dow Jones Industrial Average rose 224.44 points, or 0.9%, to 24,924.89.

The Nasdaq jumped 107.30 points, or 1.4%, to 7,823.92. Its last record came on June 20.

The Russell 2000 index of smaller-company stocks added 6.61 points, or 0.4%, to 1,690.28.

Software maker CA made the biggest gain in the technology sector and soared after it accepted an offer from Broadcom worth 18.9 billion US dollars (£14.3 billion), or 44.50 dollars per share.

Its stock rocketed 18.7% to 44.15 dollars. Broadcom investors expressed their disapproval of the deal, which involves Broadcom taking on 18 billion dollars (£14 billion) in debt. The stock dropped 13.7% to $209.98.

Broadcom’s market value fell by 14.4 billion dollars (£11 billion).

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