Today's Market: Bounceback For Tech Stocks Helps Push US Indexes Higher

FILE - In this Friday, Feb. 17, 2017, file photo, an American flag hangs on the front of the New York Stock Exchange on an evening in New York. World stock markets mostly fell Tuesday, Dec. 5, 2017, as investors digested the possible impact of the U.S. tax legislation and the stalled Brexit negotiations.

Peter Morgan, AP File Photo

NEW YORK (AP) — U.S. stock indexes ticked higher on Tuesday as some of the year's biggest winners picked themselves back up following recent stumbles.

Technology stocks recovered some of their sharp losses from Monday and the prior week, which helped offset drops for telecom stocks and other areas of the market.

KEEPING SCORE: The Standard & Poor's 500 index rose 8 points, or 0.3 percent, to 2,647, as of 11:15 a.m. Eastern time. The Dow Jones industrial average gained 22, or 0.1 percent, to 24,312, and the Nasdaq composite rose 59, or 0.9 percent, to 6,834.

More stocks fell than rose on the New York Stock Exchange.

TECH CLIMBS: Chip makers and internet companies helped lead the way, with technology stocks in the S&P 500 rising 1.3 percent. It was the biggest gain by far of the 11 sectors that make up the index.

Micron Technology jumped $1.92, or 4.8 percent, to $41.82, for example, and Nvidia rose $6.00, or 3.23 percent, to $192.66.

It's a return to dominance for tech stocks, which have been this year's biggest winners due to strengthening profits and expectations for continued growth. Tech stocks in the S&P 500 rose twice as much as the overall index through the first 11 months of the year.

Tech began stumbling last week as expectations ramped up that Congress would be able to push through its plan to overhaul the tax system. Technology companies already pay some of the lowest effective tax rates of companies in the S&P 500, so they have less to gain from the proposal. Plus, some skeptics have argued that tech stocks had become too pricey relative to their earnings.

That led to a 1.9 percent drop for tech stocks in the S&P 500 on Monday, as investors shifted out of the sector and into companies that stand to benefit most from lower corporate tax rates, such as telecoms and financial companies.

The Senate passed its version of a tax overhaul over the weekend, and it will try to reconcile that with the House's version before sending it to President Donald Trump to sign.

REVVED UP: AutoZone rose after reporting higher revenue and profit for the latest quarter than analysts expected. The auto parts company's stock rose $6.77, or 1 percent, to $716.54.

AutoZone's is the latest in a long line of corporate profit reports that have shown not only growth but more than Wall Street had forecast. The improving earnings have been one of the main reasons for the S&P 500's roughly 18 percent climb this year to record heights.

MARKETS ABROAD: European stock markets were mixed as negotiations continue for the United Kingdom's pending departure from the European Union.

France's CAC 40 dipped 0.1 percent, and Germany's DAX was up 0.1 percent. The FTSE 100 in London fell 0.1 percent.

In Asia, Tokyo's Nikkei 225 index slipped 0.4 percent, Hong Kong's Hang Seng index dropped 1 percent and the Kospi in South Korea gained 0.3 percent.

YIELDS: Yields on Treasurys inched higher, as bond prices dipped. The yield on the 10-year Treasury note rose to 2.38 percent from 2.37 percent late Monday.

CURRENCIES: The dollar ticked up to 112.83 Japanese yen from 112.60 yen late Monday. The euro dipped to $1.1823 from $1.1855, and the British pound fell to $1.3442 from $1.3471.

COMMODITIES: Benchmark U.S. crude rose 4 cents to $57.49 per barrel. Brent crude, the international standard, gained 5 cents to $62.50 per barrel.

Gold slipped $11.50 to $1,266.20 per ounce, silver lost 27 cents to $16.11 per ounce and copper dropped 12 cents to $2.97 per pound.

Add your comment:
Edit ModuleShow Tags
Edit ModuleShow Tags
Edit ModuleShow Tags Edit ModuleShow Tags


  • COOLinary


    During the month of August, experience cuisine that delights your palate and is an integral part of the history and culture of New Orleans. This...

  • Upcoming Auditions Near New Orleans, LA


    To schedule an audition, please visit the website provided, Any questions about current or upcoming auditions should be...

  • Biz Night at Galatoire's 33


    Looking to promote your business and network with local professionals? Register today for Biz New Orleans' Strictly Biz Night. Join us this month...

  • The Boys & Girls Clubs of Southeast Louisiana’s “Blue Door Blues” Gala


    The Boys & Girls Clubs of Southeast Louisiana is proud to announce its annual fundraiser, “Blue Door Blues.” The gala, scheduled for Thursday,...

  • Fund 17 Summer Happy Hour


    This fall, Fund 17 will open a new resource center for entrepreneurs. Join us for a networking happy hour and exclusive look at the plans for this...

  • Networking Happy Hour


    Join us for the next installment in our quarterly New Orleans networking event series! We’re opening our doors and inviting the regional bio,...

  • Jefferson Chamber Golf Classic


    Enjoy a day on the links with business friends, clients or prospects, and network with Jefferson Chamber leadership, board members and key decision...

  • Spice of Life Women's Expo Northshore


    Bring your friends to shop, socialize and learn at this fun-filled, energetic Ladies Day Out. Exciting Speakers Presenting Interesting and Relevant...

  • You Are Not Alone


    The Counseling Solutions program of Catholic Charities Archdiocese of New Orleans is collaborating with the Substance Addiction Ministry of the...

  • Biz Night at Royal Sonesta


    Looking to promote your business and network with local professionals? Register today for Biz New Orleans' Strictly Biz Night. Join us this...

Show More...