Tech stocks leap on Apple strength

By Baystreet Market Updates

The NASDAQ Composite rose on Wednesday as shares of Apple jumped to a record high on strong quarterly results.

The Dow Jones Industrials gained 36.8 points at 25,451.99,

The S&P 500 inched up 5.74 points to 2,822.03,

The NASDAQ strengthened 45.58 points to 7,717.37

Apple gained more than 4% after reporting earnings and revenue for the previous quarter that topped expectations.

The stock’s gains gave the broader tech sector a much-needed boost after disappointing quarterly numbers from Facebook and Twitter sent it down sharply. Since July 26, tech has dropped 5.1% through Tuesday’s close. The sector rose 0.7% on Wednesday.

Bank shares followed the benchmark yield higher as J.P. Morgan Chase, Citigroup, Bank of America and Morgan Stanley all rose at least 1%.

Earnings season continued Wednesday, with Restaurant Brands, AMC Entertainment and Generac among the companies that reported before the bell. Tesla is set to release after the close Wednesday.

Wall Street also digested strong employment data from ADP and Moody’s Analytics. The two companies said the private payrolls in the U.S. grew by 219,000 in July, more than the 185,000 gain forecast by analysts.

July’s job gains were the best since February, when 241,000 jobs were added. The report from ADP and Moody’s comes ahead of the U.S. government’s monthly non-farm payrolls report, which is scheduled for release Friday.

The Federal Reserve concludes a two-day meeting on monetary policy on Wednesday, with an announcement scheduled for 2 p.m. ET. While market-watchers are not expecting a rise in interest rates, discussion on trade or where the Fed is thinking of heading could be on the table.

Media reports circulated Wednesday that the Trump administration was looking at the possibility of slapping a 25% tariff on $200 billion worth of imported Chinese goods — after initially setting them at 10%.

Prices for the benchmark for the 10-year U.S.Treasury dived, raising yields to 3% from Tuesday’s 2.96%. Treasury prices and yields move in opposite directions.

Oil prices were down $1.08 to $67.69U.S. a barrel.

Gold prices slouched $5.80 to $1,227.80U.S. an ounce.

This article provided by NewsEdge.