Communication services stocks push Wall Street higher
By Noel Randewich (Reuters) - Wall Street rose on Thursday, helped by high-flying shares of Alphabet and Netflix, as well as the U.S.
By Noel Randewich
(Reuters) - Wall Street rose on Thursday, helped by high-flying shares of Alphabet and Netflix, as well as the U.S. Federal Reserve's confidence in the strength of the economy after it raised rates for the third time this year.
Ten out of 11 sectors rose, with the S&P 500 communication services index, recently renamed and reconstituted with Facebook
Alphabet added 1.72 percent and Netflix climbed 0.85 percent, both helping lift the S&P 500.
As well as raising interest rates on Wednesday, the Fed left its monetary policy outlook for the coming years largely unchanged. Stocks closed lower after the rate hike, but on Thursday, some investors refocused on the central bank's confidence in the economy's growth.
"The Fed's statement is essentially a green light for the economy. It's a confirmation that the U.S. economy is the best game in town for global investors," said Jeffrey Kravetz, regional investment director at the Private Client Reserve of U.S. Bank.
Adding to feel-good sentiment was data showing economic growth accelerated in the second quarter at its fastest pace in nearly four years as previously estimated.
Amazon.com's gain followed upbeat comments from brokerage Stifel about the company's retail, cloud, and advertising businesses. The online retailer is set to open a brick-and-mortar store in New York City.
Starting on Monday, the telecommunications sector was renamed "communication services" and reconstituted with major internet and media companies alongside AT&T
At 2:16 p.m. ET, the Dow Jones Industrial Average <.DJI> was up 0.42 percent at 26,496.59 points, while the S&P 500 <.SPX> had gained 0.50 percent to 2,920.45.
The Nasdaq Composite <.IXIC> added 0.85 percent to 8,058.35.
Cruise operator Carnival Corp
That weighed on rivals, with Kellogg
Advancing issues outnumbered declining ones on the NYSE by a 1.47-to-1 ratio; on Nasdaq, a 1.17-to-1 ratio favoured advancers.
The S&P 500 posted 16 new 52-week highs and 9 new lows; the Nasdaq Composite recorded 50 new highs and 52 new lows.
(Reporting by Noel Randewich in San Francisco, additional reporting by Amy Caren Daniel in Bengaluru; Editing by Nick Zieminski)
This story has not been edited by Firstpost staff and is generated by auto-feed.
By Robin Emmott and John Irish | BRUSSELS/PARIS BRUSSELS/PARIS France and Germany will agree to a U.S. plan for NATO to take a bigger role in the fight against Islamic militants at a meeting with President Donald Trump on Thursday, but insist the move is purely symbolic, four senior European diplomats said.The decision to allow the North Atlantic Treaty Organization to join the coalition against Islamic State in Syria and Iraq follows weeks of pressure on the two allies, who are wary of NATO confronting Russia in Syria and of alienating Arab countries who see NATO as pushing a pro-Western agenda."NATO as an institution will join the coalition," said one senior diplomat involved in the discussions. "The question is whether this just a symbolic gesture to the United States
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