Tech Stocks Are Bouncing Back After a Week of Losses

Jon Howard
June 20, 2017

The Dow closed at a record high of 21,525.01, up 0.66 percent from opening, while the S&P 500 increased 0.82 percent to close at a record 2,452.16.

The Nasdaq Composite .IXIC was up 72.12 points, or 1.17 percent, at 6,223.88.

USA stocks were higher in early afternoon trading on Monday, with the S&P 500 and the Dow Jones Industrial Average hitting record highs as technology stocks rebounded after recent losses.

Stocks in Google, Apple, and Alphabet all saw gains of around one percent Monday morning as tech leaders prepared for a summit at the White House.

Amazon was up 0.8 percent, while Wal-Mart, Target and Kroger gained between 0.8 percent and 1.8 percent on Monday.

Biotechnology company Rigel Pharmaceuticals (RIGL) may also see early strength on news the FDA has accepted its application for the use of Tavalisse in patients with chronic or persistent immune thrombocytopenia.

Stocks turned in a mixed performance last Friday amid another round of downbeat economic data and news that online giant Amazon (AMZN) snapped up Whole Foods (WFM). Biogen climbed 3.5 percent and Morgan Stanley rose 2.8 percent.

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The S&P's financial sector.SPSY was also one of the benchmark's strongest gainers with a 0.98 percent rise after New York Federal Reserve President William Dudley said USA inflation was a bit low but should rise alongside wages as the labor market continues to improve, allowing the Fed to continue gradually tightening monetary policy.

Today, Dow Jones futures are 71 points ahead, the S&P 500 is up 7.25, while the tech heavy Nasdaq is trading 38.5 poinst higher.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.17 percent.

Yellen's confidence as her team raised interest rates for the third time in six months last week surprised investors who had expected more caution about the economy following a set of weak USA economic data.

Airline stocks also showed a notable move to the upside, driving the NYSE Arca Airline Index up by 1.8 percent.

The S&P 500 Index (SPX - 2,453.46) ended with a gain of 20.3 points, or 0.8%, after an all-time peak of its own.

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