U.S. stocks rise as tech sector leads

Xinhua
04 Aug 2020, 03:00 GMT+10

NEW YORK, Aug. 3 (Xinhua) -- U.S. stocks ended higher on Monday, bolstered by strong gains in big tech names.

The Dow Jones Industrial Average rose 236.08 points, or 0.89 percent, to 26,664.40. The S&P 500 was up 23.49 points, or 0.72 percent, to 3,294.61. The Nasdaq Composite Index increased 157.52 points, or 1.47 percent, to 10,902.80.

Shares of Microsoft soared 5.62 percent, leading the gainers in the Dow.

Apple shares finished 2.52 percent higher, after surging more than 10 percent on Friday. The company reported earnings results late Thursday that easily topped forecasts.

Of the 11 primary S&P 500 sectors, technology advanced 2.49 percent, outpacing the rest. Real estate, however, slipped 1.47 percent, the worst-performing group.

Meanwhile, U.S.-listed Chinese companies traded roughly higher, with all the top 10 stocks by weight in the S&P U.S. Listed China 50 index ending the day on an upbeat note.

On the data front, economic activity in the U.S. manufacturing sector grew in July, with new orders and production driving much of the strength, according to the Institute for Supply Management (ISM) on Monday.

U.S. manufacturing PMI (Purchasing Managers' Index) registered 54.2 percent in July, up 1.6 percentage points from the June reading of 52.6 percent, the ISM reported.

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