Markets Right Now: Tech gains send S&P 500 to another record

Markets Right Now: Tech gains send S&P 500 to another record

The Dow Jones Industrial Average finished up 0.7% at 21,528, the S&P 500 index closed up 0.8%, at 2,453, led by a a 1.6% rally in the tech-sector, the session's best performer among the S&P 500's 11 sectors. The Nasdaq Composite (COMP - 6,239.01) bounced back a whopping 87.3 points, or 1.4%, to mark its best percentage gain since November 7, 2016.

Technology stocks drove the gains, with Amazon hitting a new record at the open.

Amazon.com's Friday announcement that it would buy Whole Foods and an upbeat tone from Federal Reserve speakers seemed to help reassure investors after the United States central bank's rate hike last week, according to J Bryant Evans, portfolio manager at Cozad Asset Management, in Champaign, Illinois. Shares in Amazon reached an all-time high of $1,017 as investors digested the online giant's proposed acquisition of Whole Foods.

Thooft expects stocks to continue rising, even with prices high, because bonds look like even less attractive investments.

French President Emmanuel Macron's party won a clear parliamentary majority in Sunday's election, giving him a strong mandate in parliament to pursue his pro-EU, business-friendly reform plans. She raised her forecast for French economic growth for 2018 to 1.7 percent from 1.6 percent.




Banks BNP Paribas, Societe Generale and Credit Agricole underpinned gains on the index.

A DIFFERENT BUYOUT REACTION: Energy company EQT fell $5.05, or 8.6 percent, to $53.72 for the largest loss in the S&P 500 after it agreed to buy Rice Energy for $6.7 billion in cash and stock. Rice surged $4.88, or 24.8 percent, to $24.57. The yield on the 10-year Treasury rose to 2.18% from 2.15% late Friday.

In London, FTSE 100 is up 41 points at the time or writing, while European indices are also higher. Data showing home prices rose 10.4 per cent in May from a year ago, although slowing from April's 10.7 per cent gain, helped boost real estate stocks.

In the commodities markets, benchmark USA crude fell 54 cents to settle at $44.43 per barrel. Brent crude, used to price worldwide oils, gained 21 cents to $47.58 a barrel in London. The euro fell to $1.1147from $1.1195, and the British pound slipped to $1.2728 from $1.2780.

On the currency front, the U.S. dollar is trading at 111.32 yen compared to the 110.88 yen it fetched at the close of NY trading on Friday.

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