BUSINESS US stocks close higher on solid rise of tech sector

BUSINESS

US stocks close higher on solid rise of tech sector

Xinhua

08:15, September 26, 2020

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File photo: AFP

NEW YORK, Sept. 25 (Xinhua) -- U.S. stocks registered growth on Friday led by solid gains in the tech sector.

The Dow Jones Industrial Average rose 358.52 points, or 1.34 percent, to 27173.96. The S&P 500 grew 51.87 points, or 1.60 percent, to 3,298.46. The Nasdaq Composite Index advanced 241.30 points, or 2.26 percent, to 10,913.56.

Ten of the 11 sectors under S&P 500 closed higher with technology, real estate and health sectors up 2.4 percent, 1.96 percent and 1.65 percent, respectively. Meanwhile, the energy sector declined 0.06 percent.

U.S.-listed Chinese companies most traded higher, with seven of the top 10 stocks by weight in the S&P U.S. Listed China 50 index ending the day on an upbeat note.

The value of new orders with durable goods only expanded 0.4 percent in August, lower than market expectation of 1.5 percent and sharp growth of 11.7 percent in July, according to data issued by the Department of Commerce on Friday morning.

Major indexes at U.S. stock market opened lower amid the slowing down of economic recovery.

Still, major U.S. stock indexes shook off weakness later and kept on moving up in the session as investors set eyes on expected developments about new stimulus measures in the coming days.

The shares of Amazon, Facebook, Apple, Microsoft and Netflix all gained more than 2 percent.

"Wall Street attributed today's strength to investors 'buying the dip' and outperformance in Technology stocks," said a comment by Wells Fargo Advisors on Friday. 

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