- Tech shares show a climbing curve after receiving solid economic news
- Equities register gains in the wake of the Commerce Departments booster remarks
- Construction spending goes up in light of Public-project investments
Stocks closed on a high note on March 13, 2019, after tech shares displayed positive gains and shareholders received encouragement from solid economic news.
This came after the Dow closed 148 points higher, whereas the S&P had positive gains at 0.7 percent ending up above 2,800 points, an executive level watched by investors. These new levels are the highest in 2019 which place it on a three-day winning index. The NASDAQ also showed enormous potential after it made a 0.7 percent gain.
The tech sector S&P made 0.7 percent in gains. This was led by 375 points increase in Nvidia shares. Chipmakers rose after VanEck Vectors Semiconductors ETF (SMH) made a 0.4 percent advancement. Tech shares have been on the rise this week with the sector rising more than 3.5 percent.
Netflix, Facebook, Alphabet, Apple, and Amazon all made a positive gain after closing high in the market.
“The move in tech, it almost feels like they’re sniffing out something is coming” on the U.S.-China trade front, said Quincy Krosby, a chief market strategist at Prudential Financial. “The moves in the semis and Apple are suggesting a deal may be in the coming weeks; perhaps not at the end of March, but sometime in the near future.”
Equities Make Progress after Commerce Departments
Equities registered a positive boost after the nondefense durable goods received tremendous feedback from the Commerce Department, posting their most significant increase in six months, gaining 0.8 percent. In retrospect, durable goods orders rose 0.4 percent whereas economists polled by Refinitiv were expected to post a decline of 0.5 percent.
Public-project investments boosted the U.S. construction spending which rose 1.3 percent posting its massive increase in nine months, overshadowing a weaker than expected footprint on the producer price index.
CNBC came into the realization that J.P Morgan Chase was expanding into several markets, inclusive of others dominated by Bank of America closing at 0.3 percent share boost. Shares from other banks also rose with Bank of America and Citigroup making a 1 percent advancement each.