US stocks surge as tech shares rally
New York: US stocks finished significantly higher, adding to the previous session’s rebound, fueled by solid gains in tech shares.
On Tuesday, the Dow Jones Industrial Average jumped 407.82 points, or 1.44 per cent, to 28,807.63. The S&P 500 went up 48.67 points, or 1.5 per cent, to 3,297.59. The Nasdaq Composite Index soared 194.57 points, or 2.1 per cent, to 9,467.97.
Shares of major US tech giants, such as Apple, Amazon, Facebook and Netflix, posted handsome gains.
Tesla shares surged more than 13 per cent. The stock had its best day in six years during the previous session after Argus Research raised its price target to US $808 apiece.
Shares of Google-parent Alphabet, however, struggled after the company reported quarterly earnings that beat estimates while revenues missed.
Ten of the 11 primary S&P 500 sectors closed higher, with technology up 2.6 per cent, outpacing the rest. Utilities fell 1.03 per cent, the only declining group.
US equities experienced a massive rout Friday with the Dow plunging 603 points, or 2.1 per cent.