(Reuters) – U.S. stocks rose on Monday led by gains in technology shares and Friday’s robust jobs data, which gave investors heightened confidence that the U.S. economy remained strong.
Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 29, 2018. REUTERS/Brendan McDermid
Microsoft rose 0.3 percent after saying it would buy privately held coding website GitHub Inc for $7.5 billion to expand its position among software developers.
The S&P technology index .SPLCT was 0.4 percent higher and tech-laden Nasdaq opened highest since March 13, when it hit a record.
The three main indexes were rising for the second consecutive session after Friday’s data showed jobs and wage growth for May beat expectations, with unemployment rate falling to an 18-year low.
Concerns that bullish economic numbers will lead to faster rises in interest rates and relatively lower future growth have sent U.S. stocks on a tailspin on several occasions this year. But investors said they did not find Friday’s data concerning.
“We’re seeing continued enthusiasm and a strong follow-through after Friday’s blockbuster numbers which bolsters the argument that the future is looking very bright,” Andre Bakhos, managing director at New Vines Capital LLC in Bernardsville, New Jersey said.
At 10:08 a.m. EDT the Dow Jones Industrial Average .DJI was up 188.32 points, or 0.76 percent, at 24,823.53, the S&P 500 .SPX was up 10.86 points, or 0.40 percent, at 2,745.48 and the Nasdaq Composite .IXIC was up 16.02 points, or 0.21 percent, at 7,570.35.
Ten of the 11 main S&P indexes were trading higher.
Boeing (BA.N) rose 1.5 percent, the biggest boost to the Dow, after the planemaker said it would partner with French aerospace firm Safran