Tue, 11 May 2021

U.S. stocks bounce, technology sector leads charge

Lola Evans
22 Apr 2021, 06:14 GMT+10

NEW YORK, New York - U.S. stocks bounced back after two down days on Wednesday with all the major indices making strong gains.

Tech stocks led the charge.

"Investors feel more confident of the earnings growth prospects for technology," Sam Stovall, chief investment strategist at CFRA Research in New York told Reuters Thomson Wednesday.

"They would rather gravitate toward the sure thing, which right now is tech stocks."

The Nasdaq Composite gained 163.95 points or 1.19 percent to 13,950.22.

The Dow Jones index advanced 316.01 points or 0.93 percent to 34,137.31.

The Standard and Poor's 500 added 38.48 points or 0.93 percent to 4,173.42.

The U.S. dollar was quiet against the majors, but lost ground against the commodity bloc.

The euro drifted to 1.2033. The British pound was comatose at 1.3928. The Japanese yen was slightly stronger at 108.06. The Swiss franc eased to 0.9168.

The Canadian dollar edged higher to 1.2492. The Australian and New Zealand dollars were in demand at 0.7754 and 0.7208 respectively.

In Europe, the German Dax rose 0.44 percent. The Paris-based CAC 40 climbed 0;.74 percent. London's FTSE 100 added 0.52 percent.

On Asian markets, in Japan, the Nikkei 225 plunged 591.83 points or 2.03 percent to 28,508.55.

The Australian All Ordinaries lost 23/.30 points or 0.32 percent to 7,258.80.

China's Shanghai Composite was unchanged at 3,472.93.

In Hong Kong the Hang Seng plummeted 513.81 points or 1.76 percent to 28,621.92.

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