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The Closing Bell: U.S. Stocks Tick Higher As Tech Stocks Rally

edited September 2019 in The Bullpen
FYI: Rallying technology shares drove U.S. stock indexes higher Wednesday, putting the Dow Jones Industrial Average on track to post its sixth consecutive session of gains.

The blue-chip index edged up 227 points, or 0.85%, to 27136. The S&P 500 ticked up 0.72%, and the tech-heavy Nasdaq Composite advanced 01.06%.

With not much economic data on the docket for Wednesday, analysts said they were looking ahead to central bank meetings in the coming days. Both the European Central Bank and Federal Reserve are expected to cut interest rates in September.

Gains among technology shares helped push major indexes higher, with Apple extending a rally that began Tuesday after it unveiled a trio of new iPhones and monthly prices for its new video-streaming service. Shares of the phone maker were recently up 2.8%, pushing the firm’s market capitalization over $1 trillion for the first time since November.

Other technology stocks jumped as well, with Facebook , Alphabet and Intel all rising at least 1%.

Earnings-related news drove additional swings among individual stocks.

Dave & Buster’s Entertainment slid 6.3% after cutting its guidance.

GameStop shed 12% after reporting a loss for the most-recent quarter and giving a downbeat forecast for the year.

Elsewhere, markets in Europe and Asia were mostly higher. The Stoxx Europe 600 rose 0.8% to notch its biggest gain in a week, and South Korea’s Kospi added 0.8% after strong jobs data.

Expectations of lower rates helped markets climb at the start of the year, though stocks have pared some of their gains since then.

Government bond prices weakened, with the yield on the 10-year U.S. Treasury note rising to 1.735% from 1.706% on Tuesday after data showed producer prices rose more than expected in August.

Inflation tends to hurt government bond prices because it chips away at the value of bonds’ fixed payouts.

Bloomberg Evening Briefing:














WSJ: Markets At A Glance:

Major ETFs % Change:

SPDR's Sector Tracker:

SPDR's Bloomberg Sector Performance Pie Chart:

Current Futures:

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