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Wall Street kicks off 2018 on a strong note, tech stocks gain

Six of the 11 major S&P sectors were higher, led by gains in technology and consumer discretionary stocks


Wall Street's response to the Fed's tapering plan has so far been muted as a weaker dollar spurs optimism about developing-world assets	 photo: reuters

Wall Street's main indexes were higher on Tuesday, the first trading day of the year, buoyed by gains in technology and consumer discretionary

stock indexes closed out 2017 with their best performance since 2013, powered by a combination of strong economic growth, solid corporate earnings, low-interest rates and hopes of corporate tax cuts.

"The first week of trading usually suggests the overall trend of the which we expect to be positive," Peter Cardillo, at in New York, wrote in a note.

prices hovered near their mid-2015 highs on Tuesday amid large anti-government rallies in exporter and ongoing supply cuts led by OPEC and

Gold and copper prices continued their upward march, but the greenback began the year on the back foot, with the dollar index slipping to its weakest level since September.

"While we don't expect the Iranian unrest to reach a full blown political situation just yet, the protest will add to an already positive uptrend in and gold prices," Cardillo said.

December payrolls report, data on manufacturing and service sectors are among leading indicators expected during the week, and will be scrutinized for signs of improving economic health and the number of interest rate hikes this year.

Minutes from the Federal Reserve's December meeting, when the central raised rates for the fourth time since the 2008 financial crisis, will be issued on Wednesday.

At 9:34 a.m. ET (1434 GMT), the was up 112.06 points, or 0.45 per cent, at 24,831.28 and the was up 9.49 points, or 0.35 per cent, at 2,683.1. The was up 21.51 points, or 0.31 per cent, at 6,924.90.

Six of the 11 S&P sectors were higher, led by gains in technology and consumer discretionary

Shares of rose 1.6 per cent, giving the biggest boost to the Dow, after brokerage upgraded the company's stock to "outperform".

and also rose on positive recommendations from

Shares of casino operators Wynn resorts, and were down after a report showed lower-than-expected rise in gambling revenue in December.

jumped 2.6 per cent after and upgraded the company's stock to "overweight".

Advancing issues outnumbered decliners on the NYSE by 1,938 to 652. On the Nasdaq, 1,678 issues rose and 743 fell.

First Published: Tue, January 02 2018. 22:27 IST