Wall Street regains ground

Business | 13 Jul 2018 10:38 am

Technology companies soared Thursday as major U.S. stock indexes recovered the ground they lost a day earlier. The Nasdaq composite closed at another all-time high.

Big names like Apple and Microsoft and chipmakers including Intel all made big gains as investors remain optimistic about the technology sector even though much of the market has been shaken by escalating tensions between the U.S. and its trading partners, especially China.

Banks will begin reporting their second-quarter results Friday morning. Investors expect another round of strong profit growth for the whole market, but they’re especially optimistic about technology companies. They will announce their earnings later this month.

The S&P 500 index added 24.27 points, or 0.9 percent, to 2,798.29. The Dow Jones Industrial Average gained by 224.44 points, or 0.9 percent, to 24,924.89.

The Nasdaq jumped by 107.30 points, or 1.4 percent, to 7,823.92. Its last record came on June 20.

The Russell 2000 index of smaller-company stocks added 6.61 points, or 0.4 percent, to 1,690.28.-AP

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