Tech adds to year’s 25pc gain
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.