LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » World News

Wall Street rallies for fifth straight session on tech lift

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Updated: Fri, Feb 16, 2018
02:34 am
Reuters
RELATED NEWS
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here
India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global
RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21 RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21

Wall Street surged on Thursday to notch its fifth straight session of gains, led by Apple and other technology stocks as investors shrugged off recent inflation worries that sent the market into a sell-off at the start of the month.

Apple Inc jumped 3.36 percent and contributed more than any other stock to gains on the S&P 500 after Warren Buffett`s Berkshire Hathaway made the iPhone maker its top investment.

Markets were able to shake off economic data for a second consecutive session that indicated inflation pressures were building while weekly jobless claims data on Thursday pointed to a tightening labour market.

Investors instead focused on recent strong quarterly earnings and expectations that more earnings growth is still to come, thanks to newly-implemented corporate and personal tax cuts.

"In the midst of all the nervousness of the past two weeks, we`re winding out a really strong earnings reporting season," said Leo Grohowski, chief investment officer at BNY Mellon Wealth Management in New York.

"There were a lot eyes fixating on the PPI number this morning, it came in a little hot. But much like yesterday, the market`s shaking it off."

Following many forecast increases by corporations in recent weeks, analysts on average now expect S&P 500 companies to increase their earnings per share in 2018 by 18.9 percent, according to Thomson Reuters I/B/E/S.

Cisco surged 4.73 percent following upbeat results and a strong forecast, as the network gear maker`s years-long efforts to transform into a software-focused company began to pay off.

Wall Street investors were not alone in their optimism. Bullish sentiment among individual investors hit its highest level since mid-January in the American Association of Individual Investors` weekly survey.

The Dow Jones Industrial Average rose 306.88 points, or 1.23 percent, to 25,200.37, the S&P 500 gained 32.57 points, or 1.21 percent, to 2,731.2 and the Nasdaq Composite added 112.82 points, or 1.58 percent, to 7,256.43

Energy was the only major S&P 500 sector index to fall, pulled down 0.42 percent by weaker oil prices.

U.S. Treasury yields slipped as investors took a breather from selling bonds and readjusted positions to prepare for more inflation-related volatility, a scenario that could take yields even higher.

Fears of inflation and higher interest rates had sent the S&P 500 sharply lower at the start of February. In the past five sessions, the S&P 500 has gained 5.6 percent, and it remains down 4.9 percent from a Jan 26 record high.

Advancing issues outnumbered declining ones on the NYSE by a 2.27-to-1 ratio; on Nasdaq, a 2.25-to-1 ratio favoured advancers.

Volume on U.S. exchanges was 7.12 billion shares, below the 8.46 billion average for the full session over the last 20 trading days.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Economy
RELATED NEWS
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here
India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global
RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21 RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21

LATEST NEWS

PAN Aadhaar Link: Last date is fast approaching! Failing to do this may lead to Rs 10,000 penalty

New WhatsApp feature rolled out; now, you can import 3rd-party sticker packs in India; Here's how to use it

Jamie Alexander in live action remake of ''The Little Mermaid''

Bonanza Portfolio highlights trading strategy in Big Bulls Rakesh Jhunjhunwala recent pick during Covid Lockdown

IIFL Finance NCD issue: Opportunity to earn handsome money, Nirmal Jain tells Anil Singhvi in exclusive chat

Yes Bank Share price I Anand Rathi maintains Sell rating with price target of Rs 14

Gold price today and much more: Consolidation likely in Rs 45200- Rs 46200 levels - Latest updates by ICICI Securities

Delhi MCD Election 2021 Results LIVE Updates: AAP leading in four wards, Congress in one

Heranba Industries IPO allotment status finalised; Trading in equity shares will commence on March 5

Tata Power DDL rolls out live peer-to-peer solar energy trading project

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved