BUSINESS US stocks gain on rallying tech shares

BUSINESS

US stocks gain on rallying tech shares

Xinhua

09:13, May 22, 2019

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.

VCG111215371599.jpg

(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.  

Related Stories

Terms of Service & Privacy Policy

We have updated our privacy policy to comply with the latest laws and regulations. The updated policy explains the mechanism of how we collect and treat your personal data. You can learn more about the rights you have by reading our terms of service. Please read them carefully. By clicking AGREE, you indicate that you have read and agreed to our privacy policies

Agree and continue