US stocks close higher as tech rebounds


US stocks close higher as tech rebounds

US stocks were higher in late morning trading on Monday, with the S&P 500 and Dow Jones Industrial Average hitting yet another record high, as technology stocks rebounded after recent losses.

The S&P's financial sector.SPSY was also one of the benchmark's strongest gainers with a 0.98 percent rise after New York Federal Reserve President William Dudley said US inflation was a bit low but should rise alongside wages as the labor market continues to improve, allowing the Fed to continue gradually tightening monetary policy.

The tech sector's 1.37 percent rise led the gainers on the S&P 500, putting it on track for its biggest one-day percentage rise since March.

Stocks in Google, Apple, and Alphabet all saw gains of around one percent Monday morning as tech leaders prepared for a summit at the White House.

The S&P 500 index rose 0.5% to 2,445.26 and the Dow Jones was up 0.4% at 21,466.28.

The Nasdaq composite jumped 87.25 points, or 1.4 percent, to 6,239.01.

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The greenback was strengthened by comments from New York Federal Reserve President William Dudley who suggested the central bank remains on track to raise USA interest rates further.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.19 percent. The above chart by the Financial Times shows the fall in the S&P 500 on June 9 by points per company. The widespread market gains were aided by the tech sector, with Amazon stock building off its recent momentum by shooting to an all-time high.

On the other hand, shares of Seattle Genetics (SGEN) may come under pressure after the biotechnology company said it is halting a late-stage trial of trial of vadastuximab talirine in frontline older acute myeloid leukemia patients.

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.



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