US stocks finish higher amid tech rally

US stocks ended higher, bolstered by strong gains in tech sector.

The Dow Jones Industrial Average on Monday increased 250.62 points, or 0.88 per cent, to 28,837.52. The S&P 500 was up 57.09 points, or 1.64 per cent, to 3,534.22. The Nasdaq Composite Index jumped 296.32 points, or 2.56 per cent, to 11,876.26, Xinhua reported.

Shares of major US tech giants, including Facebook, Apple, Amazon and Google-parent Alphabet, closed noticeably higher.

Ten of the 11 primary S&P 500 rose, with technology and communication services up 2.72 per cent and 2.42 per cent, respectively, leading the gainers.

Material dipped 0.15 per cent, the lone declining group.

US-listed Chinese companies traded mostly higher, with eight of the top 10 stocks by weight in the S&P US Listed China 50 index ending the day on an upbeat note.

The moves came as US stimulus talks continued to go back and forth.

Having called off efforts to reach a deal, US President Donald Trump subsequently opened up the possibility of partial measures.

House Speaker Nancy Pelosi said on Sunday that negotiations with the White House over a new Covid-19 relief package remained at an impasse.

The two sides have been negotiating for weeks over a follow-up package to combat the economic effects caused by the Covid-19 pandemic, yet, they remained far apart on how much of a boost to provide and what it should target.

For the week ending Friday, the Dow rose 3.3 per cent, marking its biggest weekly gain since August. The S&P 500 and Nasdaq climbed 3.8 per cent and 4.6 per cent, respectively, posting their best week since July.