BUSINESS Tech-rich Nasdaq leads US stocks higher

BUSINESS

Tech-rich Nasdaq leads US stocks higher

AFP

22:24, August 17, 2020

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A pedestrian wearing a protective mask passes in front of the Nasdaq MarketSite in the Times Square neighborhood of New York, U.S., on Monday, July 20, 2020. (Photo:CFP)

Wall Street stocks opened higher Monday following good housing data, with the tech-rich Nasdaq continuing to lead the market.

About 15 minutes into trading, the Dow Jones Industrial Average was up slightly at 27,943.36.

The broad-based S&P 500 advanced 0.4 percent to 3,386.30, while the tech-rich Nasdaq Composite Index jumped 0.7 percent to 11,097.67.

Homebuilder confidence for newly-built single-family homes hit an all-time high, according to an index released Monday, underscoring one of the strongest corners of the US economy amid the upheaval of the coronavirus pandemic.

"The demand for new single-family homes continues to be strong, as low interest rates and a focus on the importance of housing has stoked buyer traffic to all-time highs as measured on the HMI," said National Association of Home Builders Chairman Chuck Fowke.

Major indices rose last week despite unease over the failure of Washington policy makers to reach an agreement on a fiscal relief package.

The Nasdaq has been especially buoyant during the pandemic, with Amazon, Netflix and other tech giants seeing revenues soar as workers stay home and avoid mass gatherings.

This week's calendar includes additional housing data, Federal Reserve meeting minutes and earnings from Walmart.


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