BUSINESS US stocks finish higher amid tech rally

BUSINESS

US stocks finish higher amid tech rally

Xinhua

07:16, October 13, 2020

File photo: AFP

NEW YORK, Oct. 12 (Xinhua) -- U.S. stocks ended higher on Monday, bolstered by strong gains in tech sector.

The Dow Jones Industrial Average increased 250.62 points, or 0.88 percent, to 28,837.52. The S&P 500 was up 57.09 points, or 1.64 percent, to 3,534.22. The Nasdaq Composite Index jumped 296.32 points, or 2.56 percent, to 11,876.26.

Shares of major U.S. tech giants, including Facebook, Apple, Amazon and Google-parent Alphabet, closed noticeably higher.

Ten of the 11 primary S&P 500 rose, with technology and communication services up 2.72 percent and 2.42 percent, respectively, leading the gainers. Material dipped 0.15 percent, the lone declining group.

U.S.-listed Chinese companies traded mostly higher, with eight 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 moves came as U.S. stimulus talks continued to go back and forth.

Having called off efforts to reach a deal, U.S. President Donald Trump subsequently opened up the possibility of partial measures.

House Speaker Nancy Pelosi said on Sunday that negotiations with the White House over a new COVID-19 relief package remained at an impasse.

The two sides have been negotiating for weeks over a follow-up package to combat the economic effects caused by the COVID-19 pandemic, yet, they remained far apart on how much of a boost to provide and what it should target.

For the week ending Friday, the Dow rose 3.3 percent, marking its biggest weekly gain since August. The S&P 500 and Nasdaq climbed 3.8 percent and 4.6 percent, respectively, posting their best week since July.

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