BUSINESS US stocks rise as tech shares rally

BUSINESS

US stocks rise as tech shares rally

Xinhua

06:56, February 05, 2019

Stocks drop.jpg

New York Stock Exchange on December 5, 2018. (Photo: AP)

NEW YORK, Feb. 4 (Xinhua) -- US stocks gained on Monday as major tech shares rallied ahead of the release of Google-parent Alphabet's quarterly earnings.

The Dow Jones Industrial Average advanced 175.48 points, or 0.70 percent, to 25,239.37. The S&P 500 was up 18.34 points, or 0.68 percent, to 2,724.87. The Nasdaq Composite Index rose 83.67 points, or 1.15 percent, to 7,347.54.

Nine of the 11 primary S&P 500 sectors climbed, with technology and industrials up 1.6 percent and 1.3 percent, respectively, leading the gainers. Health care and materials, however, struggled.

Among the major U.S. tech shares, Netflix and Apple advanced 3.38 percent and 2.84 percent, respectively. Facebook, Amazon and Alphabet also closed higher.

Alphabet posted its fourth-quarter earnings and revenue that both beat estimates after the close. However, the stock declined in after-hour trading.

U.S. consumer goods maker Clorox reported stronger-than-expected quarterly earnings on Monday, sending the stock up 5.7 percent.

So far, more than 47 percent of S&P 500 companies have reported quarterly results. Of those companies, 68.5 percent have topped analyst expectations, according to CNBC while citing FactSet.

"U.S. stock market has been rebounding nicely in the New Year. New housing numbers are strong. No interest rate hike. The U.S. dollar stays in a quiet range. I can say I see higher averages in the market," John Monaco, a trader at Wellington Shields & Co. LLC, told Xinhua.

In the week ending Feb. 1, the Dow, the S&P 500 and the Nasdaq all advanced more than 1 percent.

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