Tech stocks lift Wall Street to record high
Wall Street indexes hit record levels on Tuesday, with technology stocks rising for a second straight day and healthcare shares getting a boost from Medtronic`s results.
With the third-quarter earnings season winding down and no major economic data in sight, trading activity is expected to slow ahead of Thursday`s Thanksgiving holiday.
Also helping the market was a rise in oil prices ahead of next week`s OPEC meeting where major crude exporters are expected to extend production cuts.
"It is a return of momentum for the market, with some of positive earnings and recommendations as catalysts," said Eric Wiegand, senior portfolio manager at U.S. Bank`s Private Client Reserve unit.
The S&P technology index climbed more than 1 percent in the session. It has risen 38 percent this year, far outperforming the broader S&P 500 index and other major sectors.
"They have been in a leadership position and have produced remarkable earnings growth," Wiegand said.
At 10:54 a.m. ET (1454 GMT), the Dow Jones Industrial Average was up 165.03 points, or 0.7 percent, at 23,595.36.
The S&P 500 was up 17.13 points, or 0.66 percent, at 2,599.27 and the Nasdaq Composite was up 64.70 points, or 0.95 percent, at 6,855.41.
Apple`s shares were up nearly 2 percent, boosting all three major indexes.
Medtronic rose 5.3 percent, making it the top gainer on the S&P 500, after the medical device maker reported better-than-expected results and backed its forecast.
Hormel Foods rose 5.5 percent, while Urban Outfitters gained 4.7 percent after reporting quarterly results.
Lowe`s dipped marginally even as the home improvement chain reported strong sales and profit on higher demand after recent hurricanes.
Signet Jewelers tanked 27 percent after reporting a surprise quarterly loss, pulling down Tiffany by more than 1 percent.
Advancing issues outnumbered decliners on the NYSE by 2,104 to 640. On the Nasdaq, 2,028 issues rose and 741 fell.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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