BUSINESS US stocks drift higher as tech leads gains


US stocks drift higher as tech leads gains


22:18, October 26, 2021

NEW YORK, Oct. 26 (Xinhua) -- U.S. stocks rose on Tuesday morning, buoyed by overall strength in the tech sector.

Shortly after the opening bell, the Dow Jones Industrial Average climbed 71.74 points, or 0.20 percent, to 35,812.89. The S&P 500 was up 20.04 points, or 0.44 percent, to 4,586.52. The Nasdaq Composite Index added 97.27 points, or 0.64 percent, to 15,323.98.

Ten of the 11 primary S&P 500 sectors advanced in the morning trading, with technology up more than 1 percent, leading the gainers. Materials slipped 0.4 percent, the lone declining group.

Shares of tech giants Microsoft and google-parent Alphabet traded higher. The two companies are set to report quarterly results after Tuesday's market close.

Apple and Amazon, both up on Tuesday morning, are also among the tech heavyweights slated to report this week.

Shares of U.S. social media giant Facebook struggled after the company reported mixed third quarter earnings, which saw earnings top expectations and revenue miss estimates.

Of the S&P 500 companies that have reported earnings by far, 83 percent beat expectations, according to Refinitiv.

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