Tech and healthcare lift US stocks

GAINS in the tech and healthcare sectors helped to propel US stocks higher for a fourth day in early trading yesterday. Turkey’s lira jumped after an unexpectedly large rate hike by the country’s Central Bank, despite denunciations of rate rises by President Erdogan. Equities pulled back however from the day’s highs after President Donald Trump tweeted that the US isn’t under pressure to reach a trade agreement with China. While speculation on trade continues to dictate investor sentiment, the consumer price data and the resumption of the rally in tech kept shares afloat. The MSCI Asia Pacific Index climbed for the first time in 11 sessions, with equities rallying in both Shanghai and Hong Kong. “The big thing about tech today is it feels like a relief rally,” said Chris Zaccarelli, chief investment officer at Independence Advisor Alliance in Charlotte, North Carolina. “There was extreme pessimism in terms of what was happening with tariffs potentially being put in place this week.” The euro climbed as ECB President Mario Draghi expressed confidence on wage growth and the outlook for inflation. In Dublin the ISEQ index of Irish shares rose 0.26pc to close at 6629.66. Ormonde Mining led the gainers as it basked in the afterglow of an announcement on Wednesday, which said tungsten production from its long-running project in Spain will begin in February. It rose more than 17.5pc, while Aryzta also clawed back some of its recent losses in rising almost 6pc. On the other side of the board, Ryanair lost more than 1pc as cabin crews in Europe announced plans to go on strike.