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Wednesday, 12 August 2020
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Thursday, 09 Jul 2020 01:06 am

Wall Street inches up with tech shares, though jump in virus cases a concern

Apple Inc and Microsoft Corp provided the biggest boost to all three indexes. The technology index .SPLRCT rose 0.9%.

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U.S stocks were slightly higher in choppy trading on Wednesday, supported by technology shares as early signs of an economic rebound offset concern about further lockdowns due to a jump in coronavirus cases across the country.

Apple Inc and Microsoft Corp provided the biggest boost to all three indexes. The technology index .SPLRCT rose 0.9%.

The number of confirmed U.S. cases surpassed 3 million, affecting nearly one of every 100 Americans. California, Hawaii, Idaho, Missouri, Montana, Oklahoma and Texas broke their previous daily record highs for new infections.

Investors have been weighing a string of upbeat economic data including record job additions and a rebound in the service sector in June, against the surge in U.S. coronavirus cases recently, but the S&P 500 is still up about 40% from its March closing low.

There still seems to be a focus on the reopenings rather than the increase in cases, said Peter Cardillo, chief market economist at Spartan Capital Securities in New York.

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Tags Apple Microsoft shares Wallstreet Covid19

Meeta Ramnani

Meeta develops credible content about various markets based on deep research, opinions from experts and inputs from industry leaders. As the managing editor at Smart Market News, she assures that every piece of news and article adds to the knowledge of decision makers. An avid bike rider, Meeta, is a postgraduate from Indian Institute of Journalism and New Media (IIJNM) Bangalore, where her specialization was Business Journalism. She carries experience from mainstream print media including The Times Group and Sakal Media Group.


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