BUSINESS US stocks open higher as tech shares rally

BUSINESS

US stocks open higher as tech shares rally

Xinhua

22:46, August 24, 2020

NEW YORK, Aug. 24 (Xinhua) -- U.S. stocks opened higher on Monday, as a strong rally in tech-related shares bolstered the market.

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File photo: Xinhua

Shortly after the opening bell, the Dow Jones Industrial Average jumped 221.15 points, or 0.75 percent, to 28,151.48. The S&P 500 was up 28.20 points, or 0.83 percent, to 3,425.36. The Nasdaq Composite Index rose 137.97 points, or 1.22 percent, to 11,449.77.

Apple shares soared more than 3 percent in morning trading, leading the gainers in the Dow.

Shares of other U.S. tech giants such as Amazon, Netflix, Google-parent Alphabet and Facebook also traded on an upbeat note.

Nine of the 11 primary advanced, with communication services and technology up 1.6 percent and 1.4 percent, respectively, outpacing the rest. Real estate and utilities, however, struggled.

U.S. stocks eked out modest gains in the past week as Wall Street digested the Federal Reserve's meeting minutes and a slew of mixed economic data.

For the week ending Friday, the Dow was roughly unchanged, the S&P 500 rose 0.7 percent, and the Nasdaq gained 2.7 percent. 

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