Wall Street higher as Apple leads tech rally

(Reuters) – U.S. stocks climbed 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.

A trader works on the floor of the New York Stock Exchange shortly after the opening bell in New York, U.S., June 4, 2018. REUTERS/Lucas Jackson

Apple (AAPL.O) rose 1 percent, providing the biggest boost to Nasdaq .IXIC and S&P 500 .SPX indexes.

The iPhone maker was valued at $935.06 billion as of Friday’s close, inching its way towards becoming the first publicly listed company worth $1 trillion, ahead of its annual developers conference.

Microsoft inched 0.5 percent higher 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 0.5 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.

“Economic data has been getting quietly better amid the sort of headline chaos,” Tom Essaye, founder of investment research firm Sevens Report said.

“The market has been focusing on those fundamentals and there has been a resiliency in stocks in the past couple of weeks because of better economic data and tame inflation.”

At 11:20 a.m. EDT the Dow Jones Industrial Average .DJI was up 180.62 points, or 0.73 percent, at 24,815.83, the S&P 500 .SPX was up 7.51 points, or 0.27 percent, at 2,742.13 and the Nasdaq Composite .IXIC was up 21.15 points, or 0.28 percent, at 7,575.49.

Ten of the 11 main S&P indexes were trading higher.

Boeing (BA.N) rose 1.3 percent, the biggest boost to the

Read More Here...

Bookmark the permalink.