Markets

Dow and S&P 500 Clinch New Records as Tech Rebounds

Dow and S&P 500 Clinch New Records as Tech Rebounds

The Dow Jones Industrial Average (DJIA) had ahistoric day, hitting a fresh record high in intraday action. "Investors were temporarily chased from the space but many companies in the sector offer growth which is hard to find in the market as a whole."Apple (AAPL.O) rose 3.8 percent to $146.07, providing the biggest boost to technology followed by Microsoft (MSFT.O), Alphabet (GOOGL.O) and Facebook (FB.O)".

Winners and Losers: Snapchat parent Snap Inc. climbed 2 percent on news of a $100 million deal with Time Warner to create shows for the platform.

The Dow Jones industrial average increased 114 points, or 0.5 percent, to 21,499.

Biotechnology company Rigel Pharmaceuticals (RIGL) may also see early strength on news the FDA has accepted its application for the use of Tavalisse in patients with chronic or persistent immune thrombocytopenia.

The S&P 500 opened up 0.4 percent, leaving it just below a record of its own. Meanwhile the QQQ is still 2.5 percent below the record high hit two Fridays ago, and the XLK is almost 3 percent below its high. Moving lower for the second straight week, the Nasdaq slid by 0.9 percent, but the Dow rose by 0.5 percent and the S&P 500 inched slightly higher.

Last month, the US economy added 138,000 jobs, well below the expected gain of 185,000, while other data showed a fall in retail sales and inflation below the Fed's target of 2 percent.

Yellen's confidence as her team raised interest rates for the third time in six months last week surprised investors who had expected more caution about the economy following a set of weak US economic data.

Shares of Clovis Oncology were up 46.9 per cent at $88 after late-stage data on its already approved ovarian cancer drug. The widespread market gains were aided by the tech sector, with Amazon stock building off its recent momentum by shooting to an all-time high.

Advancing issues outnumbered decliners on the NYSE by 1,803 to 964.

The S&P 500 posted 49 new 52-week highs and 10 new lows; the Nasdaq Composite recorded 99 new highs and 87 new lows.


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