US stocks rise amid tech rebound

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IANS | 15 Sep, 2020
US stocks ended higher, fueled by a rebound in big tech names.

On Monday, the Dow Jones Industrial Average increased 327.69 points, or 1.18 per cent, to 27,993.33. The S&P 500 rose 42.57 points, or 1.27 per cent, to 3,383.54. The Nasdaq Composite Index rallied 203.11 points, or 1.87 per cent, to 11,056.65, Xinhua news agency reported.

Tesla shares soared 12.58 per cent, contributing to the market. The stock was still down more than 15 per cent for the month as of Monday's close.

Apple shares jumped 3 per cent. Shares of the iPhone maker logged 10.6 per cent of month-to-date loss.

All the 11 primary S&P 500 sectors closed higher, with real estate and technology up 2.16 per cent and 2.07 per cent, respectively, leading the gains.

US-listed Chinese companies traded higher, with all the top 10 stocks by weight in the S&P US Listed China 50 index ending the day on an upbeat note.

The moves followed a turbulent week on Wall Street that saw the Nasdaq book its worst week since March as investors rotated out of the tech sector.

For the week ending Friday, the Dow fell 1.7 per cent, the S&P 500 dropped 2.5 per cent and the Nasdaq shed 4.1 per cent.