Wall Street Rises On Technology And Energy Stock Gains
U.S. stocks rose last Tuesday as tech stocks took a rebound from a post-election crash and energy stocks were hyped by an oil price hike.
According to Reuters, Dow Jones industrial average turned positive in the late afternoon to sustain its rally to seven days, while oil futures remained to rise and investors swarmed into technology stocks.
The S&P Technology sector gained 1.5 percent after it dipped to about 3 percent since Trump won on Nov. 8., while the financial sector dropped to 0.4 percent after it heightened to 13.9 percent in the last six sessions, Business Standard reported.
These sectors had an outburst of reactions to the election as people moved out their investment from technology. Marcelle Daher of John Hancock Financial Services Boston said that they're currently seeing some sort of a pardon saying, "Areas that have been perceived beneficiaries of the Trump presidency, financials and healthcare are giving back a little bit of ground they gained over the course of the last week."
"Buyers who were waiting to buy technology stocks didn't have an option but to get involved and continue buying the strength. That's propelled them higher as the day went on," Managing Director Michael James of equity trading at Wedbush Securities also said.
Reports tell that the top drivers for the S&P 500 were Apple Inc. and the tech giants Amazon, Microsoft, and Alphabet. The three tech giants also contributed the biggest boost to the Nasdaq stock market.
The next big driver in the S&P was the energy index gaining 2.7 percent as U.S. crude oil rise to more than 6 percent recovering from multi-month lows due to forecasts that OPEC will allow a cut in production this month.
With all these going on, investors are still cautious about how Trump's campaign promises will officially materialize. They are also on the look for the key appointments in the Trump administration.
