Wall Street gains, led by technology and growth stocks

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AFP SPENCER PLATT / GETTY IMAGES NORTH AMERICA

Big tech companies helped Wall Street close higher on Thursday, benefiting modestly from a two-day rally as lackluster economic data sent growth stocks back in.

The decline in cyclical stocks left gains in the Standard & Poor’s and “Dow” blue-chip indexes limited, while small-cap companies outperformed their larger competitors.

But shares of major technology companies and those associated with them, such as Microsoft, Amazon.com, Apple, Facebook and Alphabet, rose before announcing their quarterly results next week, putting the Nasdaq index ahead.

Investors again bought growth shares, which outperformed during the health crisis, gaining 0.8%, while value stocks fell 0.5%.

The Dow Jones Industrial Average rose 25.35 points, or 0.07 percent, to 34823.35 points, the Standard & Poor’s 500 index rose 8.79 points, or 0.2 percent, to 4,367.48 points, and the Nasdaq composite index added 52.64 points, or 0.36 percent. to 14,684.60 points.

Among the 11 major sectors on the Standard & Poor’s 500, the technology sector shone, gaining 0.7 percent. Energy stocks suffered the largest percentage decline.

Pharmaceutical maker Biogen gained 1.1 percent after the company raised its full-year revenue forecast, while Domino’s Pizza rose 14.6% to an all-time high following the announcement of its quarterly results.

And “Southeast Airlines” recorded a quarterly loss more than expected, which pushed its shares down 3.5 percent, and “American Airlines” group shares fell 1.1 percent even after it announced quarterly earnings.

Chip maker Intel fell more than 1% after the company announced its results and raised its annual revenue forecast.

Source: “Reuters”





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