By Caroline Valetkevitch
NEW YORK (Reuters) - U.S. stocks climbed on Thursday as top technology names hit record highs and industrials rebounded from losses driven by trade worries the day before.
Helping the move in tech, CA Inc
The technology index <.SPLRCT> rose 1.8 percent, the day's best-performing sector, and the group is now leading year-to-date gains among sectors. The S&P industrials index <.SPLRCI> rose 1.1 percent. Health care <.SPXHC> also gained about 1.1 percent.
Helping the tech sector is the view that those companies may be more immune to problems in the trade dispute, said Quincy Krosby, chief market strategist at Prudential Financial in Newark, New Jersey.
But also, she said, "The consensus is that negotiations will resume and there will be some sort of agreement between the U.S. and China. It could be naive, but that seems to be an emerging consensus within the market."
The United States late Tuesday threatened to impose tariffs on $200 billion worth of Chinese goods. China said on Thursday the two countries have not been in touch about restarting talks and while it does not want a trade war, it would fight if necessary.
The Dow Jones Industrial Average <.DJI> rose 224.44 points, or 0.91 percent, to 24,924.89, the S&P 500 <.SPX> gained 24.27 points, or 0.87 percent, to 2,798.29 and the Nasdaq Composite <.IXIC> added 107.31 points, or 1.39 percent, to 7,823.92.
The stock market value of Microsoft, which jumped 2.2 percent to $104.19, also rose above $800 billion for the first time, joining Apple, Amazon and Alphabet in that $800 billion club and putting it in line as a contender to be the first U.S. company to reach a $1 trillion market cap.
Earnings will take centre stage Friday, when some big Wall Street banks, including JPMorgan Chase
Delta Air Lines
In a sign that labour market conditions remained robust in early July, weekly jobless claims hit a two-month low last week, the Labour Department said.
The consumer price index barely rose in June, but the underlying trend continued to point to a steady buildup of inflation pressure that could keep the Federal Reserve on a path of gradual interest rate increases.
Advancing issues outnumbered declining ones on the NYSE by a 1.75-to-1 ratio; on Nasdaq, a 1.44-to-1 ratio favoured advancers.
The S&P 500 posted 36 new 52-week highs and three new lows; the Nasdaq Composite recorded 101 new highs and 43 new lows.
About 5.8 billion shares changed hands on U.S. exchanges. That compares with the 6.9 billion daily average for the past 20 trading days, according to Thomson Reuters data.
(Additional reporting by Amy Caren Daniel in Bengaluru; Editing by Nick Zieminski and Chris Reese)
This story has not been edited by Firstpost staff and is generated by auto-feed.
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Updated Date: Jul 13, 2018 04:05:23 IST