Tech Stocks Rebound, Lead US Markets Higher
US stocks closed higher on Thursday thanks largely to a rebound in the fortunes of major technology companies and a potential softening of the ongoing trade dispute with China.
The Dow Jones Industrial Average rose 147.07 points, or 0.6 per cent, the S&P 500 rose 15.26 points, or 0.5 per cent and the Nasdaq Composite Index finished up 59.48 points, or 0.8 per cent.
Technology stocks that had struggled over the past week were some of the best performers. Apple rose 2.4 per cent a day after its new product launches and after a disappointing response from the market yesterday, Alphabet, Google’s parent company, rose 1.08 per cent and Microsoft added 1.1 per cent.
Twitter, which has been on a spectacular slide over the past couple of months thanks to a huge amount of negative publicity, rebounded strongly, gaining 2.15 per cent.
Facebook, however, continued its fall, receding another 0,4 per cent on Thursday as the company struggles to answer its critics regarding falling sales and a swathe of ethical issues.
The US consumer-price index rose by 0.2 per cent in August, marking its fifth straight increase, while US job claims fell slightly in the past week.