Wall Street rises as top technology stocks hit record highs

NEW YORK (Reuters) – U.S. stocks climbed on Thursday as top technology names hit record highs and industrials rebounded from losses driven by trade worries the day before.

Helping the move in tech, CA Inc jumped 18.7 percent and was the biggest percentage gainer in the S&P 500 after chipmaker Broadcom announced a surprise $18.9-billion deal to buy the business software company. Broadcom slumped 13.7 percent.

Facebook, Microsoft and Amazon hit all-time highs and, along with Apple and Alphabet, drove gains in the S&P 500 and Nasdaq.

The technology index rose 1.8 percent, the day’s best-performing sector, and the group is now leading year-to-date gains among sectors. The S&P industrials index rose 1.1 percent. Health care also gained about 1.1 percent.

Helping the tech sector is the view that those companies may be more immune to problems in the trade dispute, said Quincy Krosby, chief market strategist at Prudential Financial in Newark, New Jersey.

But also, she said, “The consensus is that negotiations will resume and there will be some sort of agreement between the U.S. and China. It could be naive, but that seems to be an emerging consensus within the market.”

The United States late Tuesday threatened to impose tariffs on $200 billion worth of Chinese goods. China said on Thursday the two countries have not been in touch about restarting talks and while it does not want a trade war, it would fight if necessary.

Boeing and Caterpillar, among the hardest hit by the trade dispute, rose more than 1 percent each on Thursday, boosting the Dow.

The Dow Jones Industrial Average rose 224.44 points, or 0.91 percent, to 24,924.89, the S&P 500 gained 24.27 points, or 0.87 percent, to 2,798.29 and the Nasdaq Composite added 107.31 points, or 1.39 percent, to 7,823.92.

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