US stocks gain on rallying tech shares

NEW YORK, May 21 (Xinhua) - Wall Street rallied on Tuesday as tech shares rebounded from the sell-off in the previous session, contributing to the market.


(Photo: VCG)

The Dow Jones Industrial Average rose 197.43 points, or 0.77 percent, to 25,877.33. The S&P 500 increased 24.13 points, or 0.85 percent, to 2,864.36. The Nasdaq Composite Index climbed 83.35 points, or 1.08 percent, to 7,785.72.

Ten of the 11 primary S&P 500 sectors closed higher, with technology and communication services up 1.20 percent and 0.96 percent, respectively, among the best-performing groups. Consumer staples, however, declined 0.31 percent.

Tech-related shares were fueled by the news that the US Department of Commerce issued a 90-day temporary license loosening restrictions on business deals with Chinese telecom giant Huawei.

On the economic front, US existing-home sales declined for the second consecutive month in April, but at a much slower pace, the National Association of Realtors said on Tuesday.

Total existing-home sales, completed transactions that include single-family homes, townhomes, condominiums and co-ops, fell 0.4 percent from March to a seasonally adjusted annual rate of 5.19 million in April. The reading missed market estimates.