Tech, industrial stocks lead market to gains ahead of holiday weekend

Posted April 01, 2018

The Dow Jones Industrial Average advanced 254.69 points (1.07 per cent) to end at 24,103.11, while the broad-based S&P 500 jumped 35.87 points (1.38 per cent) to 2,640.87.

The financial group finished a step behind the benchmark index, adding 1.3%, as Treasury yields fell; the benchmark 10-year yield slipped 4 bps to 2.74%.

Shares of Facebook, Netflix (NFLX.O), Apple (AAPL.O) and Alphabet (GOOGL.O) were up between 0.68 percent and 1.6 percent in premarket trading, with Amazon the only laggard among the FAANG stocks.

USA stocks rallied on Thursday, the last trading day of the month and the quarter, as the technology sector curbed steep declines seen in recent sessions.

The Dow was up 2.7 percent this week, while the S&P gained 2 percent and the Nasdaq increased 1 percent, according to data compiled by Anadolu Agency.

All three major US indexes ended the day in negative territory following Tuesday's late-session tech-driven sell-off following Monday's rally as traders moved to defensive stocks after recent weeks' heightened volatility.

GameStop shares dropped 9.3 percent after the company provided disappointing full-year sales forecast.

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Advancing issues outnumbered declining ones on the NYSE by a 3.66-to-1 ratio; on Nasdaq, a 2.23-to-1 ratio favored advancers.

Economic data released on Thursday did little to change the expectations on interest rate hikes.

Sandven said the market's first-quarter performance has tempered expectations for the rest of the year after the market's strong start in January.

Also gaining were tech giants Facebook, up 4.4 per cent and Tesla, up 3.2 per cent. Facebook has been under pressure over a consumer data scandal and Tesla following a fatal vehicle accident California.

Technology stocks, which were big decliners earlier in the week, powered much of the market's climb Thursday.

Even with the roller-coaster ride that technology stocks have been on lately, the sector is up 3.2 percent this year, while most other sectors are in the red.

Technology stocks bounced back from losses earlier in the week and carried Wall Street to a higher close.

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