Tech Drives Up Wall Street

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In thin holiday trading, Wall Street’s main indexes rose on Thursday, pushed higher by gains in the tech stocks.  Apple was the largest influence of the three indexes, with the well-known FANG stocks, which are Facebook, Amazon, Netflix and Alphabet (Google) adding to the gains.

On Thursday, the gains in commodity prices, lower U.S. bond yields, and a flimsy dollar boosted world stocks to new record highs. The greenback fell to a four-week low against a basket of currencies, under pressure from a recent dip in U.S. 10-year bond yields. A weaker dollar has the tendency to increase the revenues of companies that have a large global presence.

Oil prices maintained near two-and-a-half year highs, while copper futures traded at four-year highs.

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The benchmark S&P 500 has gained nearly 20 percent this year, on course for its best annual gains in four years, improved by healthy economic growth and solid corporate earnings.

The strength of the market has been encouraging this year,” said Neil Massa, senior equity trader. “The trend has been higher all year and a lot of people have been waiting for a pullback to get into the market, but they never really had that opportunity, and that’s surprising.”


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Seven of the eleven major S&P sectors were up, with the technology index’s 0.31 percent increase leading the way.

At 9:33 a.m. ET: The Dow Jones Industrial Average was up 53.08 points at 24,827.38.  The S&P 500 was up 3.04 points at 2,685.66.  The Nasdaq Composite was up 13.40 points at 6,952.74.

Bitcoin dropped more than 7 percent to trade at $14,237 on the Luxembourg-based Bitstamp exchange.

Live Ventures rocketed more than 80 percent following the report of a spike in annual revenue.

J.B. Hunt Transport dropped nearly 3 percent after the logistic services provider predicted current-quarter profit below previous estimates.

Advancing issues outnumbered decliners on the NYSE by 1,619 to 844. On the Nasdaq, 1,400 issues rose and 847 fell.

 

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