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The Financial Express

US stocks rise; technology sector jumps

| Updated: November 23, 2017 14:02:58


Evaly and Fianancial Express Evaly and Fianancial Express
File Photo (Reuters) File Photo (Reuters)

US stocks jumped on Tuesday, pushing all three major indexes to record closing highs, led by gains in this year’s top-performing technology sector.

Healthcare stocks also rose after bullish results from medical device maker Medtronic, whose shares rose 4.8 per cent, reports Reuters.

The S&P technology index gained 1.2 per cent, helped by a nearly 1.9 per cent rise in Apple. The index has risen 38.6 per cent this year, by far more than any other sector.

The CBOE Volatility index closed down 0.9 point at 9.73, its lowest close in more than two weeks.

The S&P 500 hit a record closing high for the first time in about two weeks. Indexes posted losses last week as investors worried whether the tax plan in Washington will see progress.

The Dow Jones Industrial Average rose 160.5 points, or 0.69 per cent, to 23,590.83, the S&P 500 gained 16.89 points, or 0.65 per cent, to 2,599.03 and the Nasdaq Composite added 71.76 points, or 1.06 per cent, to 6,862.48.

Advancing issues outnumbered declining ones on the NYSE by a 2.10-to-1 ratio; on Nasdaq, a 1.92-to-1 ratio favoured advancers.

About 6.2 billion shares changed hands on US exchanges. That compares with the 6.8 billion daily average for the past 20 trading days.

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