U.S. stocks rally as tech shares rebound

Source: Xinhua| 2018-11-16 06:11:22|Editor: Mu Xuequan
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NEW YORK, Nov. 15 (Xinhua) -- U.S. stocks rallied on Thursday as major tech shares gained, bolstering the market.

The Dow Jones Industrial Average jumped 208.77 points, or 0.83 percent, to 25,289.27. The S&P 500 rose 28.62 points, or 1.06 percent, to 2,730.20. The Nasdaq Composite Index advanced 122.64 points, or 1.72 percent, to 7,259.03.

Apple stock rose 2.47 percent and closed at 191.41 U.S. dollars apiece after a weak previous session. The stock suffered steep losses earlier this week and dipped into bear territory on Wednesday as it traded more than 20 percent below its recent all-time high.

Shares of Cisco System increased 5.50 percent after the company reported better-than-expected earnings.

Major U.S. tech shares advanced. Amazon reversed its early losses and closed at 1.28 percent higher. Alphabet gained about 2 percent and Netflix climbed more than 1 percent.

The tech sector was up about 2.5 percent at the close, leading the advancers in the 11 primary S&P 500 sectors.

Shares of utility PG&E plunged more than 30 percent after a steep sell-off in the previous session. The company said Wednesday that its insurance would not cover the cost if it is found responsible for the raging Camp Fire in the U.S. state of California.

On the economic front, the advance figure for U.S. initial jobless claims, a rough way to measure layoffs, was 216,000 in the week ending Nov. 10, an increase of 2,000 from the previous week, the Department of Labor reported on Thursday. The reading was higher than market forecasts.