US stocks rise as tech sector leads

US stocks ended higher, boosted by strong gains in tech shares.

On Monday, the Dow Jones Industrial Average rose 153.50 points, or 0.59 per cent, to 26,024.96. The S&P 500 increased 20.12 points, or 0.65 per cent, to 3,117.86. The Nasdaq Composite Index jumped 110.35 points, or 1.11 per cent, to 10,056.47, Xinhua news agency reported.

Apple shares advanced 2.62 per cent, among the best performers in the 30-stock index. The US tech giant on Monday unveiled several major updates, including a preview of its latest version of iPhone operating system, iOS 14, during its virtual Worldwide Developers Conference.

Seven of the 11 primary S&P 500 sectors finished higher, with technology up nearly 2 per cent, outpacing the rest. Financials fell 0.48 per cent, the worst-performing group.

Market gains were relatively capped as investors grappled with coronavirus fears.

The number of newly confirmed coronavirus cases continued to climb across the United States, raising questions about a swift economic recovery from the pandemic.

More than 2.3 million confirmed COVID-19 cases have been reported in the United States, with over 120,000 deaths, as of Monday afternoon, according to the Center for Systems Science and Engineering at Johns Hopkins University.

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