Dow Hits Another Record High at Open as Tech Stocks Bounce

Javier Howell
June 20, 2017

US stocks rose on Monday, with the S&P 500 and the Dow Jones Industrial Average hitting record highs helped by a technology sector rebound and strength in healthcare and financial stocks.Nasdaq's biotechnology index.NBI rose 2.5 percent and was on track for its biggest one-day gain since February helped by stocks including Biogen Inc (BIIB.O) and Clovis Oncology (CLVS.O) while the S&P's healthcare index.SPXHC hit a record high.

Deutche Bank also downgraded the stock from buy to hold.

At 9:43 a.m. ET (1143 GMT), the Dow Jones Industrial Average .DJI was up 75.35 points, or 0.35 percent, at 21,459.63, the S&P 500 .SPX was up 11.35 points, or 0.46 percent, at 2,444.50.

Apple (AAPL.O) rose 2.9 percent to $146.34, providing the biggest boost to the S&P followed by JPMorgan Chase (JPM.N), which rose 2.2 percent to $88.07.

Nasdaq's biotechnology index.NBI rose 2.5 percent in its biggest one-day gain since February while the S&P's healthcare index.SPXHC had a record-high close.

Trading activity was somewhat subdued, however, as a lack of major US economic data kept some traders on the sidelines. The Nasdaq composite climbed 87 points, or 1.4 percent, to 6,239.

United States markets opened modestly higher on Monday, as technology stocks rebounded after sell-offs last week. While the U.K.'s FTSE 100 Index has risen by 0.5 percent, the German DAX Index is up by 0.9 percent and the French CAC 40 Index is up by 1 percent.

"It looks like a bet that interest rates, such as the 10-year yield, are bottoming out", said Evans.

Health care (+1.1%) also was strong, highlighted by biotechs which were led by Biogen's 3.5% surge, along with financials (+1%) and consumer discretionary (+0.8%). 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.

Technology companies and banks are leading stock indexes modestly higher in early trading on Wall Street.

The Standard & Poor's 500 index rose 10 points, or 0.5 percent, to 2,444.

The Russell 2000 is up 60.95 points, or 4.5 percent.

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