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United States stocks open higher as tech stocks rebound

20 June 2017
United States stocks open higher as tech stocks rebound

Wall Street began the week with big gains on Monday, June 19, as a rebound in tech names pushed the Dow Jones Industrial Average and S&P 500 to reach new all-time closing records.

Biotechnology company Rigel Pharmaceuticals (RIGL) may also see early strength on news the FDA has accepted its application for the use of Tavalisse in patients with chronic or persistent immune thrombocytopenia.

The Nasdaq gained 87.25 (+1.42 percent) to close at 6,239.01, while the S&P 500 finished at 2,453.46, up 20.31 (+0.83 percent) from its open.

Apple (AAPL.O) rose 2.9 percent to $146.34, providing the biggest boost to the S&P followed by JPMorgan Chase (JPM.N), which rose 2.2 percent to $88.07. Japan's Nikkei 225 Index climbed by 0.6 percent, while Hong Kong's Hang Seng Index jumped by 1.2 percent.

Last month, the US economy added 138,000 jobs, well below the expected gain of 185,000, while other data showed a fall in retail sales and inflation below the Fed's target of 2 percent.

The gains Monday put major US indexes further into record territory.

Among individual stocks, shares of Clovis Oncology (CLVS) are moving sharply higher in pre-market trading after the biopharmaceutical company announced positive late-stage trial data for its ovarian cancer drug. Microsoft MSFT.O and Alphabet GOOGL.O were also up. While the U.K.'s FTSE 100 Index has risen by 0.5 percent, the German DAX Index is up by 0.9 percent and the French CAC 40 Index is up by 1 percent. Tech stocks have led the S&P 500's rally this year. The S&P technology sector.SPLRCT was up 1.4 percent after its second straight weekly decline, which was triggered by fears of stretched valuations.

The S&P 500 bank subsector.SPXBK rose 1.3 percent. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, rose by 3.3 basis points to 2.190 percent.

The Dow Jones industrial average increased 72 points, or 0.3 percent, to 21,457.