Wall Street rose as technology shares gain
New York (Reuters) : U.S. stocks at Wall street were higher on Thursday as technology shares showed signs of recovery following a selloff in the last two weeks that was triggered by worries over increased regulations.
Shares of Facebook, Apple and Alphabet were up between 0.15 percent and 1.3 percent, driving a 0.4 percent gain in the S&P technology index.
The S&P 500 .SPX and the Dow Jones Industrial Average .DJI were on track to log their worst quarter in more than two years on concerns over a global trade war and interest rate hikes, as well as a rout in technology stocks caused by Facebook Inc’s data scandal.
Chief market strategist at B. Riley FBR in Boston Art Hogan said, “We’ve gone through a period of increased volatility and one with competing narratives – the bond market is telling us something about the economy and the stock market is concerned about valuations in technology shares.”
“In general, the market is trapped between two narratives.”
Spooked by brew of trade tensions and a broad turnaround in technology shares, global investors have cut their evenhandedness exposure to a four-month low in March, while plummeting their holdings of U.S. stocks to the lowest in nearly two years.
The Dow Jones Industrial Average .DJI was up 129.06 points, or 0.54 percent, at 23,977.48 and the S&P 500 .SPX was up 8.78 points, or 0.34 percent, at 2,613.78.
The Nasdaq Composite .IXIC was down 4.21 points, or 0.06 percent, at 6,945.01.
On Thursday Economic data was released which did little to change the expectations on interest rate increase.
Core personal consumption expenditures price index, the Federal Reserve’s favored inflation gauge, rose 1.6 percent on an annualized basis through February, in line with economists’ expectations.
Consumer spending, which accounts for more than two-thirds of U.S. economic activity, amplified 0.2 percent last month after a analogous increase in January.