Big tech leads rally in US stocks
NEW YORK : Large technology stocks led Wall Street equities higher on Tuesday with buying sentiment propelled by a positive reading on US consumer confidence as well as higher oil prices.
The Dow Jones Industrial Average finished up 192.71 points (1.10 percent) at 17,720.98.
The broad-based S&P 500 jumped 21.86 (1.06 percent) to 2,078.36, while the tech-rich Nasdaq Composite Index advanced 66.95 (1.33 percent) to 5,107.94.
Amazon closed at a new record of $693.97, up 2.8 percent, rising for a second day after Monday announcing record holiday sales of its premium delivery service.
Other large technology equities were winners.Apple rose 1.8 percent, Microsoft 1.1 percent and Google parent Alphabet 1.9 percent.
“The market’s demonstrating its underlying strength,” said Michael James, managing director of equity trading at Wedbush Securities. “Investors are determined to end the year on a positive note.”
Analysts also pointed to support from a three percent gain in US oil prices.That continued a trend in much of December that has seen US equities have move in tandem with swings in oil prices.
Shares of retailers Wal-Mart Stores and Target gained 1.4 percent and 2.2 percent after the Conference Board reported higher consumer confidence in December.
DuPont rose 1.7 percent as it announced plans to cut 1,700 jobs from its US headquarters in ahead of its planned merger with Dow Chemical. Dow rose 2.0 percent.