Technology stocks power S&P 500, Nasdaq to new highs
By Medha Singh and Devik Jain (Reuters) - The S&P 500 and the Nasdaq hit record highs on Wednesday as investors bought into technology stocks that have thrived during the COVID-19 pandemic following the upbeat quarterly results from Salesforce and HP Enterprise. Salesforce.com Inc , which is set to enter the blue-chip Dow index next week, surged 26.8% as it raised annual revenue forecast due to high demand for its online business software
By Medha Singh and Devik Jain
(Reuters) - The S&P 500 and the Nasdaq hit record highs on Wednesday as investors bought into technology stocks that have thrived during the COVID-19 pandemic following the upbeat quarterly results from Salesforce and HP Enterprise.
Hewlett Packard Enterprise Co
The tech sector <.SPLRCT> climbed 2.1%, while Netflix Inc
"Markets are pricing in uncertainty in regards to some of the coronavirus-related economic impact, due to which the stay-at-home and technology stocks have seen a renewed source of relative strength," said Matt Stucky, portfolio manager, equities, at Northwestern Mutual Wealth Management Co in Milwaukee, Wisconsin.
Adding to the upbeat mood was early data from Moderna's
While, the MSCI world equity index <.MIWD00000PUS> surpassed its pre-pandemic peak on Wednesday, the S&P 500 and the Nasdaq have hit a series of record closing highs recently, driven by stimulus and demand for tech-focused stocks.
However, latest economic data showed an uneven recovery path from recession. Attention will shift to Fed Chair Jerome Powell's address at the virtual Jackson Hole symposium before markets open on Thursday, where he is expected to outline a softer policy stance on inflation.
At 12:34 p.m. ET, the Dow Jones Industrial Average <.DJI> was up 3.79 points, or 0.01%, at 28,252.23, the S&P 500 <.SPX> was up 26.18 points, or 0.76%, at 3,469.80. The Nasdaq Composite <.IXIC> was up 173.84 points, or 1.52%, at 11,640.32.
Energy stocks <.SPNY> fell 1.5% on fears of disruption to oil companies from Hurricane Laura, which is expected to rapidly strengthen to a Category 4 and hit the Texas-Louisiana Gulf Coast after dark.
Declining issues outnumbered advancers for a 1.46-to-1 ratio on the NYSE and for a 1.37-to-1 ratio on the Nasdaq.
The S&P index recorded 31 new 52-week highs and no new low, while the Nasdaq recorded 78 new highs and four new lows.
(Reporting by Medha Singh in Bengaluru; Editing by Saumyadeb Chakrabarty and Arun Koyyur)
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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
BEIJING Chinese President Xi Jinping on Wednesday called for greater efforts to make the country's navy a world class one, strong in operations on, below and above the surface, as it steps up its ability to project power far from its shores.China's navy has taken an increasingly prominent role in recent months, with a rising star admiral taking command, its first aircraft carrier sailing around self-ruled Taiwan and a new aircraft carrier launched last month.With President Donald Trump promising a US shipbuilding spree and unnerving Beijing with his unpredictable approach on hot button issues including Taiwan and the South and East China Seas, China is pushing to narrow the gap with the U.S. Navy.Inspecting navy headquarters, Xi said the navy should "aim for the top ranks in the world", the Defence Ministry said in a statement about his visit."Building a strong and modern navy is an important mark of a top ranking global military," the ministry paraphrased Xi as saying.