The Dow has logged its best day in 5 weeks, as tech shares and Apple buy the stock market
U.S. stocks closed higher Thursday on the back of a rally in the technology sector, while shares of Apple Inc. surged, helping to propel the Dow.
What drove the market? The S&P 500’s information technology sector provided much of the buoyancy for the broader market, rising 2.5%. Apple AAPL, +3.68% shares were up 3.7% after Needham upgraded the stock to strong buy. But the gains weren’t enough for the iPhone maker to wrest the crown for the largest company by market value from Microsoft Corp. MSFT, +2.30% which ended the day valued at $922.35 billion versus Apple’s $919.90 billion, according to FactSet data.
China’s commerce ministry confirmed Thursday that U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin will visit China on March 28-29 for more discussion on trade, while Chinese Vice Premier Liu He will travel to Washington early next month to continue the negotiations. The Philadelphia Fed’s business activity index rebounded in March to a seasonally adjusted reading of 13.7 from -4.1 the previous month. A reading above zero indicates improving conditions. Economists polled by MarketWatch had forecast a reading of 3.
“U.S. data this morning was strong and will like fuel the fire that is questioning the Fed’s dovish commitment,” he added. “Jobless claims came in better than expected and the Philadelphia Fed business outlook rebounded sharply.” Shares of Micron Technology Inc. MU, +9.62% soared 9.6%. The memory-chip company reported below-consensus earnings for the fiscal second quarter on Wednesday. The stock has lost nearly 2% of its value over the past six months, but investors have bid up the stock more than 38% year-to-date, in anticipation of a recovery in the chip sector in the second half of 2019.
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