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US: Nasdaq jumps to fresh record on strong tech earnings

Tuesday, May 2, 2017 - 06:45

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[NEW YORK] Technology shares led US stocks higher on Monday, lifting the Nasdaq to a fresh record, following strong technology earnings last week and ahead of reports from Apple and Facebook this week.

The tech-rich Nasdaq Composite Index gained 0.7 per cent to 6,091.60, up almost 43 points from last week's record.

The Dow Jones Industrial Average lost 0.1 per cent to close at 20,913.46, while the broad-based S&P 500 gained 0.2 per cent to end at 2,388.33.

Apple, which reports earnings on Tuesday, rose 2.1 per cent, while Facebook, which reports Wednesday, added 1.5 per cent.

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Other technology shares that gained at least two per cent included Amazon, Expedia, Netflix and Tesla Motors.

Despite the gains, analysts described the market as continuing to have an underlying bullish bias, and they noted that the market got a boost Monday from an agreement by congressional leaders to avert a government shutdown and as well as an influx of cash at the start of the month.

Major economic data releases this week include the April jobs report on Friday. The Federal Reserve is expected to keep interest rates unchanged on Wednesday.

Twitter gained 6.4 per cent on news it is launching a 24-hour streaming news channel in partnership with the Bloomberg news agency, in a major expansion of its video operations.

Banking shares rose with Bank of America 1.2 per cent add Citigroup 0.6 percent, despite comments from President Donald Trump that he is considering breaking up the big banks.

Shares of the banks retreated from their session highs following the remarks, but stayed in positive territory.

AFP

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