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Tech, healthcare stocks lift Wall Street to record high

Apple's shares were up nearly 2%, boosting all three major indexes


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US Stock. Photo: Reuters

hit record levels on Tuesday, with technology rising for a second straight day and healthcare shares getting a boost from Medtronic's results.

With the third-quarter earnings season winding down and no major economic data in sight, trading activity is expected to slow ahead of Thursday's Thanksgiving holiday.

Also helping the was a rise in oil prices ahead of next week's meeting where major crude exporters are expected to extend production cuts.

"It is a return of momentum for the market, with some of positive earnings and recommendations as catalysts," said Eric Wiegand, senior portfolio manager at US Bank's Private Client Reserve unit.

The S&P technology index climbed more than 1 per cent in the session. It has risen 38 per cent this year, far outperforming the broader S&P 500 index and other major sectors.

"They have been in a leadership position and have produced remarkable earnings growth," Wiegand said.

At 10:54 a.m. ET (1454 GMT), the Industrial Average was up 165.03 points, or 0.7 per cent, at 23,595.36.

The S&P 500 was up 17.13 points, or 0.66 per cent, at 2,599.27 and the Nasdaq Composite was up 64.70 points, or 0.95 per cent, at 6,855.41.

Apple's shares were up nearly 2 per cent, boosting all three major indexes.

Medtronic rose 5.3 per cent, making it the top gainer on the S&P 500, after the medical device maker reported better-than-expected results and backed its forecast.

Hormel Foods rose 5.5 per cent, while Urban Outfitters gained 4.7 per cent after reporting quarterly results.

Lowe's dipped marginally even as the home improvement chain reported strong sales and profit on higher demand after recent hurricanes.

Signet Jewelers tanked 27 per cent after reporting a surprise quarterly loss, pulling down Tiffany by more than 1 per cent.

Advancing issues outnumbered decliners on the NYSE by 2,104 to 640. On the Nasdaq, 2,028 issues rose and 741 fell.

First Published: Tue, November 21 2017. 23:37 IST