Home Business US stocks rise as tech shares lead

US stocks rise as tech shares lead

US equities ended higher as a noticeable rally in tech shares boosted the market.

On Tuesday, the Dow Jones Industrial Average jumped 217.88 points, or 0.85 percent, to 25,812.88. The S&P 500 was up 47.05 points, or 1.54 percent, to 3,100.29. The Nasdaq Composite Index increased 184.61 points, or 1.87 percent, to 10,058.77, Xinhua news agency reported.

Shares of US tech giants, the FAANG group of Facebook, Apple, Amazon, Netflix, and Google-parent Alphabet, all closed higher.

The S&P 500 technology sector gained 1.92 percent, among the best-performing groups.

Investors digested testimony from US Federal Reserve chair Jerome Powell.

The sooner-than-expected reopening of the US economy has brought “new challenges” for the country, evidenced by recent increases in COVID-19 cases across the nation, Powell has warned.

“We have entered an important new phase and have done so sooner than expected. While this bounceback in economic activity is welcome, it also presents new challenges-notably, the need to keep the virus in check,” he said in prepared remarks before a hearing held by the House Financial Services Committee on Tuesday.

More than 2.6 million confirmed COVID-19 cases have been reported in the United States, with over 127,000 deaths, as of Tuesday afternoon, according to the Center for Systems Science and Engineering at Johns Hopkins University.

For the quarter, the Dow rose 17.8 percent, notching its biggest quarterly rally since 1987. The S&P 500 advanced nearly 20 percent and the Nasdaq soared 30.6 percent this quarter.

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