Markets Right Now: Tech leads stocks to 5th straight gain
NEW YORK (AP) — The latest on developments in financial markets (all times local):
A surge in marquee technology companies pushed stocks higher again on Wall Street, giving the market its fifth gain in a row.
The Dow Jones industrial average rose more than 300 points Thursday.
Big increases from Apple, Microsoft and Cisco drove the tech sector higher, helping to erase more of the swift drop stocks had in early February.
Industrial companies were also higher. Aerospace maker Boeing, which nearly doubled last year, rose another 3.4 percent.
Energy companies were the lone laggard among the 11 sectors in the Standard & Poor’s 500 index.
The S&P 500 rose 32 points, or 1.2 percent, to 2,731.
The Dow climbed 306 points, or 1.2 percent, to 25,200. The Nasdaq climbed 112 points, or 1.6 percent, to 7,256.
Technology companies are leading stocks higher at midday, putting the market on track for its fifth gain in a row.
A dip in the late morning Thursday briefly put indexes into the red, but stocks were higher again at lunchtime.
Apple and Cisco were among the big winners in tech, while industrial companies including Boeing also rose. Energy companies continued to struggle.
The recent gains have erased part of the steep losses the market suffered in early February.
The Standard & Poor’s 500 index rose 11 points, or 0.4 percent, to 2,710.
The Dow Jones industrial average rose 103 points, or 0.4 percent, to 24,994. The Nasdaq climbed 53 points, or 0.7 percent, to 7,196.
Bond prices rose. The yield on the 10-year Treasury fell to 2.89 percent.
Stocks are opening higher on Wall Street after several U.S. companies reported solid results.
Cisco Systems, one of the 30 stocks in the Dow Jones industrial average, added 4.6 percent early Thursday after releasing earnings that were much higher than investors were expecting.
TripAdvisor soared 11 percent after reporting a narrower loss than analysts expected.
The gains put the market on track for its fifth consecutive gain. Stocks are still well below the record highs they set three weeks ago.
The Standard & Poor’s 500 index rose 16 points, or 0.6 percent, to 2,715.
The Dow rose 208 points, or 0.8 percent, to 25,098. The Nasdaq climbed 43 points, or 0.6 percent, to 7,189.
The yield on the 10-year Treasury held steady at 2.91 percent.