Tech adds to year’s 25pc gain

The Sunday Times - - BUSINESS WEEKLY -

WALL Street has reached record highs with the S&P 500 sur­pass­ing 2500 points as telecom­mu­ni­ca­tions shares rose and tech­nol­ogy bounced back af­ter two days of de­clines.

The S&P 500 in­for­ma­tion tech­nol­ogy sec­tor rose 0.30 per cent, pow­ered by an Nvidia-led surge in chip­mak­ers, while Ap­ple rose 1.01 per cent in its first gain since un­veil­ing new iPhones. The S&P 500 tech in­dex has been the best per­form­ing sec­tor this year, ris­ing more than 25 per cent, far out­pac­ing the broader S&P 500’s 11.6-per cent growth.

AT&T rose 2.15 per cent and Ver­i­zon Com­mu­ni­ca­tions added 1.44 per cent. Along with T-Mo­bile, they are of­fer­ing deals for the new iPhones that are less gen­er­ous than the past.

Wall Street mostly shrugged off re­ports show­ing an un­ex­pected drop in US re­tail sales last month and the first drop in in­dus­trial out­put since Jan­uary, both in part due to the im­pact of Hur­ri­cane Har­vey.

US stocks have surged this year, de­spite tur­moil in the White House, doubts about US Pres­i­dent Don­ald Trump’s abil­ity to push through his probusi­ness re­forms, un­cer­tainty over the tim­ing of in­ter­est rate hikes, and lately, ten­sions over North Korea’s mis­sile tests.

The Dow Jones In­dus­trial Aver­age rose 0.29 per cent to close at 22,268.34 points, while the S&P 500 gained 0.18 per cent to 2500.23, both records.

The Nas­daq Com­pos­ite added 0.3 per cent to 6448.47.

About 8.5 bil­lion shares changed hands on US ex­changes, above the 20-day aver­age of 5.9 bil­lion shares.

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