US stocks end record highs as tech breaches dot-com era record

Published: July 20, 2017 10:03:47 | Updated: October 19, 2017 14:44:45


The major US stock indexes closed at record highs on Wednesday, helped partly by technology stocks, which surpassed a long-standing mark.

 

The S&P 500 tech sector broke its previous record closing high that had held since March 2000 in the midst of the dot-com and Y2K tech stocks bubble.

 

The sector has been the best-performing sector this year with a 22.8 per cent advance.

 

Vertex jumped as much as 26.4 per cent to an all-time high of $167. The stock ended up 20.8 per cent at $159.69, and was the biggest boost on the S&P and the Nasdaq.

 

IBM was a drag on the Dow industrials after its quarterly revenue came in below expectations and the stock fell 4.2 per cent to $147.53, having hit a 13-month low of $146.71.

 

The Dow Jones Industrial Average rose 66.02 points, or 0.31 per cent, to 21,640.75, the S&P 500 gained 13.22 points, or 0.54 per cent, to 2,473.83 and the Nasdaq Composite added 40.74 points, or 0.64 per cent, to 6,385.04.

 

The Dow, S&P, Nasdaq and the small-cap Russell 2000 indexes all set record closing highs.

 

Traders work on the floor of the New York Stock Exchange in New York, US, July 19, 2017.

 

Morgan Stanley rose 3.3 per cent to $46.62 after the Wall Street bank reported better-than-expected profit and bond trading revenue declines that were modest compared with arch-rival Goldman Sachs'. The KBW bank index fell 0.4 per cent.

 

CSX fell 5.1 per cent to $51.87 after the railroad operator's forecast missed expectations, and it dragged stocks of its peers lower.

 

Union Pacific fell 1.3 per cent, while Kansas City Southern dropped 0.6 per cent, according to Reuters.

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