Stock Market News: Tech Stocks Rise
The Dow Jones Industrial Average (DJIA) and the S&P 500 ended the trading session on Thursday marginally higher, and the NASDAQ posted good gains.
Expectations of high growth and inflation are getting stronger as President-elect Donald Trump fills key posts which, together with an improving economic outlook, is keeping sentiments bullish. The Federal Reserve Chair Janet Yellen reaffirmed that the Fed plans to raise interest rates, and this may happen sooner rather than later.
The DJIA dropped about 36 points and closed at 18,903.82 on Thursday.
The S&P 500 index was up 10 points and closed at 2,187.12
The NASDAQ composite climbed 39 points and ended at 5,333.97, which is closer to its record close posted in late September.
Apple Inc. (NASDAQ:AAPL) continues to weigh under pressure as the stock ended in red on Thursday. Adobe Systems Incorporated (NASDAQ:ADBE) gained about 1.7%, Applied Materials, Inc. (NASDAQ:AMAT) gained over two percent, and Activision Blizzard, Inc. (NASDAQ:ATVI) posted gains of 2.5%.
Goldman Sachs Group Inc (NYSE:GS) gained 1.6% and Home Depot Inc (NYSE:HD) was up almost three percent. It was among the top gainers in the DJIA. Cisco Systems, Inc. (NASDAQ:CSCO) turned out to be the biggest loser, going down by about five percent. Wal-Mart Stores, Inc. (NYSE:WMT) lost over three percent on weaker-than-expected sales. Retailers moved higher.
Stock Market News: Today
Applied Materials, Inc. is likely to open lower today as the company posted upbeat fourth-quarter earnings but disappointed on the sales numbers.
salesforce.com, inc. (NYSE:CRM) is up more than seven percent in pre-market trade, following its earnings beat. The cloud computing company reported adjusted earnings of $0.24 a share on revenues of $2.14 billion, topping analyst estimates. Although the earnings guidance was moderate, the revenue guidance topped all expectations.
Shares of Marvell Technology Group Ltd. (NASDAQ:MRVL) were up about 10% in pre-market trading as the company reported positive third-quarter results, beating on both its top and bottom lines.
The clothing retailer Gap Inc (NYSE:GPS) announced its third-quarter results and stock is down nearly seven percent pre-market, as the company’s sales continue to decline.
The market news today is that the stocks may take a pause, as the benchmark indices are near their record highs. There will be lot of stock-specific action though.