Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  News  >  Economy & Forex  >  All News

News : Economy & Forex

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance ProfessionalsCalendarSectors 
All NewsEconomyCurrencies / ForexCryptocurrenciesEconomic EventsPress releases

S&P 500 tops 2,700 on tech advance; Dow, Nasdaq hit records

share with twitter share with LinkedIn share with facebook
share via e-mail
0
01/03/2018 | 11:02pm CEST
The trading floor is seen on the final day of trading for the year at the New York Stock Exchange (NYSE) in Manhattan, New York

NEW YORK (Reuters) - The S&P 500 index rose above 2,700 for the first time on Wednesday and other major indexes hit record closing highs as technology stocks climbed after signs of robust economic growth.

Stocks added slightly to gains late, with some support from minutes from the Federal Reserve's last policy meeting showing the U.S. central bank would likely stick to gradual interest rate hikes this year.

"They reiterated gradual rate increases, so that's steady as she goes, which the stock market seems to like," said Bucky Hellwig, senior vice president at BB&T Wealth Management in Birmingham, Alabama.

Earlier in the session, data showed U.S. factory activity increased more than expected in December, a sign of economic momentum at the end of 2017. Meanwhile, manufacturing surveys pointed to a strong start for the European economy.

For technology stocks, Alphabet Inc, IBM and chipmakers were among the biggest drivers. The S&P 500 tech index, the best-performing S&P sector in 2017 with a 37 percent jump, ended the day up 1.1 percent.

U.S. chipmaker stocks surged for a second straight session, with the Philadelphia Semiconductor index up 1.7 percent in its strongest two-day performance since June 2016.

"The (recent) selloff in tech stocks may have made that group look attractive today given that there's still significant growth potential there both short term and long term," Hellwig said.

The Dow Jones Industrial Average rose 98.67 points, or 0.4 percent, to 24,922.68, the S&P 500 gained 17.25 points, or 0.64 percent, to 2,713.06 and the Nasdaq Composite added 58.63 points, or 0.84 percent, to 7,065.53.

The Cboe Volatility Index, better known as the VIX and a popular options-based gauge of expected near-term price volatility, closed at 9.15, just shy of its record low close of 9.14 on Nov. 3.

Gains in energy and healthcare also boosted the market. The S&P energy index gained 1.5 percent while S&P healthcare rose 1 percent.

Intel Corp ended down 3.4 percent. The company acknowledged a report that a design flaw in its chips could let hackers steal data but said it was working on a solution that would not significantly slow computers.

Rival chipmaker Advanced Micro Devices climbed 5.2 percent. Nvidia Corp gained 6.6 percent and Micron Technology Inc rose 3 percent.

Oracle Crop shares were up 2.3 percent after Morgan Stanley upgraded its rating on the business software maker.

Advancing issues outnumbered declining ones on the NYSE by a 1.47-to-1 ratio; on Nasdaq, a 1.45-to-1 ratio favored advancers.

About 7.1 billion shares changed hands on U.S. exchanges. That compares with the 6.3 billion daily average for the past 20 trading days, according to Thomson Reuters data.

(Additional reporting by Sruthi Shankar in Bengaluru and Saqib Iqbal Ahmed in New York; Editing by Nick Zieminski and Meredith Mazzilli)

By Caroline Valetkevitch

Stocks mentioned in the article
ChangeLast1st jan.
DJ INDUSTRIAL 0.18% 25109.23 Delayed Quote.1.40%
NASDAQ 100 0.59% 7401.3707 Delayed Quote.15.31%
NASDAQ COMP. 0.61% 7853.6359 Delayed Quote.13.36%
S&P 500 -0.10% 2798.43 Real-time Quote.4.78%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news "Economy & Forex"
07:38pDollar strengthens after Fed chair remarks, stocks higher
RE
07:29pOil steadies in choppy trading as focus turns to supply
RE
07:27pGOVERNMENT OF QUEBEC : Media Advisory - Love Food Hate Waste Canada National Launch
PU
07:27pTHE GRASS IS GREENER : Protecting Grasslands Enhances Soil Health, Reduces Greenhouse Gas Emissions, and Earns Carbon Offsets
PU
07:27pBURLINGTON COUNTY NJ : Mount Holly Township
PU
07:25pWall Street gains on Powell comments, J&J results; Netflix drags
RE
07:22pLONG & FOSTER REAL ESTATE : & Foster’s Lisa Stone Named Top Closer for May and June 2018
PU
07:21pEU chief to visit Trump on July 25 for trade talks
RE
07:17pCLAIRE MCCASKILL : McCaskill Focuses on Missouri Businesses Hit by Escalating Trade War
PU
07:16pNEWS HIGHLIGHTS : Top Company News of the Day
DJ
Latest news "Economy & Forex"
Advertisement