Wall St higher at the open; Dow hits record high

Wall St higher at the open; Dow hits record high

USA stocks were higher in early afternoon trading on Monday, with the S&P 500 and the Dow Jones Industrial Average hitting record highs as technology stocks rebounded after recent losses.

The S&P technology sector finished up 1.7 percent after its second straight weekly decline, which was triggered by fears of stretched valuations. The tech sector's 1.25 percent rise led the gainers on the S&P 500.

Leading the rebound, Apple, Microsoft and Alphabet were all up between 0.8 percent and 1 percent in premarket trading.

Thanks largely to the tech gains, the Nasdaq's 1.4% rise represented the index's biggest one-day point and percentage move since November 7; Apple jumped 2.9% in its biggest one-day advance since February, while Facebook gained 1.5% and Amazon added 0.8%.

The technology gains helped lift the Nasdaq index by 0.9% to 6,209.16.

This story has not been edited by Firstpost staff and is generated by auto-feed. Deutche Bank also downgraded the stock from buy to hold.

The deal by Amazon, a proven retail disruptor, marked a major step by the internet retailer into the brick-and-mortar retail sector.

Spicer is 'kind of useless'
The White House is refusing to answer those questions on camera, or in any kind of fashion where we can record the audio. The daily press briefings have already been a farce , and the new ban has made the situation even worse.

"We suspect, an upholding of least one more rate hike will likely be supported", said aid Peter Cardillo, chief market economist at First Standard Financial in NY.

The Fed commentary last week had surprised investors who expected more caution after some weak US economic data.

Dow component Boeing (BA) rose 1% after saying at the Paris Air Show that it expects to get over 240 orders worth a total of more than $30 billion for its new 737 Max 10.

Oil prices edged higher, after coming under pressure over the past month from rising production.

Advancing issues outnumbered declining ones on the NYSE by a 1.68-to-1 ratio; on Nasdaq, a 1.92-to-1 ratio favored advancers.

The Dow and S&P 500 were on track to secure all-new highs by market close.

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