Overseas Market Report
US stocks have risen with Apple leading a jump in technology shares as a gain of more than two per cent in oil prices drove up energy shares. Apple rose 2.5 per cent on Tuesday, boosting the three major indexes, a day ahead of its expected unveiling of new iPhone models.
The S&P technology sector gained 0.8 per cent, its biggest percentage jump in two weeks, also boosted by Microsoft, up 1.7 per cent, and Facebook, up 1.1 per cent. “That’s been the main fuel for the market,” said Alan Lancz, president of Alan B. Lancz & Associates Inc, an investment advisory firm based in Toledo, Ohio. “Maybe tech has taken the punch and is recovering, and investors are getting more confident that the leader is back.”
The technology sector is up close to 18 per cent for the year so far, leading sector gains in the S&P 500 along with consumer discretionary, also up roughly 18 per cent since December 31. The energy index, up 1 per cent, helped to lift the S&P 500, with shares of Exxon Mobil up 1.4 per cent and Chevron up 0.5 per cent. Oil prices rose after US sanctions squeezed Iranian crude exports and tightened global supply.
The Dow Jones Industrial Average rose 113.99 points, or 0.44 per cent, to 25,971.06, the S&P 500 gained 10.76 points, or 0.37 per cent, to 2,887.89 and the Nasdaq Composite added 48.31 points, or 0.61 per cent, to 7,972.47.
Morning Market Note - Wednesday 12th September