U.S. stocks rise as tech stocks rebound

Source: Xinhua| 2017-06-20 06:11:24|Editor: yan
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NEW YORK, June 19 (Xinhua) -- U.S. stocks closed higher on Friday with Dow and S&P 500 both closing at record highs, as technology stocks recovered from last week's weak performance.

The Dow Jones Industrial Average was up 144.71 points, or 0.68 percent, to 21,528.99. The S&P 500 gained 20.31 points, or 0.83 percent, to 2,453.46. The Nasdaq Composite Index added 87.25 points, or 1.42 percent, to 6,239.01.

Large-cap tech shares, including those of Alphabet, Apple, Amazon and Facebook all rose over 1 percent in the morning session. Last week, the sector traded overall lower after Alphabet was downgraded by analysts at Canaccord Genuity.

With no major data due out on Monday, investors were digesting the latest remarks by a key Federal Reserve official.

New York Fed President William Dudley said on Monday that the central bank inflation should pick up as wages rise along with continuing improvement in the labor market.

Dudley's words came in less than a week after the Fed raised its interest rates for the fourth time since December 2015.

Investors, however, are skeptical whether the central bank will raise rates again in September. Market expectations for a September-hike are just 13 percent, according to the CME Group's FedWatch tool.

Investors were also awaiting the closely-watched Chicago Fed President Charles Evans' speech later on Monday.