Tech stocks lead 300-point rise on Dow Jones Index
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Stock prices rose sharply on Monday led by shares in technology giants. This caused the Dow Jones Industrial Average to rise by 353 points, or 1.2 per cent. Other financial indicators also saw gains, with the Nasdaq Composite advancing 2.9 per cent and the S&P 500 rising 1.9 per cent. The three indices are the most-followed stock markets in the United States. A key performer on Monday was Apple, which soared an impressive six per cent. Analysts say this was on the back of investors anticipating the tech giant to unveil its first 5G smartphone later this week. Other tech giants fared well. Facebook, Amazon and Microsoft jumped 5.3 per cent, 5.2 per cent and 3.5 per cent respectively.
Trading on Wall Street on Monday saw its best performance in three months. Confidence among investors continues to be strong, despite the economic ravages created by the coronavirus pandemic. Analysts say the strength of tech companies is largely responsible for the bullish markets. Most of these companies have proved largely immune to the economic downturn experienced this year. Sales and use of many of their products and services have skyrocketed as people stay at home and become more dependent on the Internet. Energy stocks were the only stragglers on Monday. Their prices dropped after an unexpected fall in U.S. crude oil prices.
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