US stocks rise amid tech rally
US stocks ended higher on Tuesday, fuelled by a rally in big tech names.
The Dow Jones Industrial Average jumped 215.61 points, or 0.76 per cent, to 28,645.66. The S&P 500 rose 26.34 points, or 0.75 per cent, to 3,526.65. The Nasdaq Composite Index advanced 164.21 points, or 1.39 per cent, to 11,939.67, Xinhua reorted.
Shares of major US tech giants, or the so-called FAANG group of Facebook, Apple, Amazon, Netflix and Google-parent Alphabet, all closed higher.
Shares of Zoom Video Communications skyrocketed 40.78 per cent after the company reported better-than-expected revenue and earnings for the second quarter.
Seven of the 11 primary S&P 500 sectors rose, with materials and technology up 2.75 per cent and 1.86 per cent, respectively, outpacing the rest. Utilities dipped 1.13 per cent, the worst-performing group.
Meanwhile, US-listed Chinese companies traded roughly higher, with all the top 10 stocks by weight in the S&P US Listed China 50 index ending the day on an upbeat note.
On the data front, US manufacturing Purchasing Managers’ Index registered 56 percent in August, up from the July reading of 54.2 per cent, the Institute for Supply Management reported on Tuesday.
Readings over 50 per cent indicate expansion in the sector. Economists surveyed by MarketWatch had forecast the index would total 54.9 per cent.