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Tech stocks drive Nasdaq higher

Apple leads gains in tech stocks, as techs nudge S&P towards all-time high

Gulf News

BENGALURU: The Nasdaq was firmly higher on Wednesday, propped up by the high-flying technology trio of Apple, Amazon and Microsoft.

The S&P tech sector was up 0.2 per cent. Tech stocks have been at the centre of a sharp recovery in the S&P since a market rout in February, driving the index close to its record high.

Shares of Apple rose 1 per cent, while those of Amazon were up 0.5 per cent and Microsoft 0.3 per cent.

“The S&P has been climbing gradually amid geopolitical and trade concerns,” said Andre Bakhos, managing director at New Vines Capital LLC in Bernardsville, New Jersey.

“Investor mindset has been predicated on a strong economy and a longer-term perspective, and that has been playing out very nicely.” The number of Americans filing for unemployment benefits unexpectedly fell last week, suggesting that a strong economy was helping the labour market counter ongoing trade tensions.

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