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(Reuters) – US stocks skyrocketed on Tuesday, triggering a drying-up, with Apple triggering a jump in technology stocks and rising oil prices, boosting energy companies.
Apple rose 2.4%, boosting the top three indices, a day before a highly anticipated event in which the company is expected to unveil new iPhone models.
The technology sector grew 0.82%, in line with its biggest jump in two weeks, also boosted by Microsoft and Facebook, which rose about 1.5%.
"Technology stocks are mobilizing with positive catalysts like the upcoming Apple event," said Cliff Hodge, chief investment officer at Cornerstone Wealth in Charlotte, North Carolina.
"The sectors that have been the natural leaders, like technology, are making an offer this morning, with some rise in energy stocks, which will help boost the markets."
The energy index rose 1.27%, the highest rate among the top 11 S & P sectors, as oil prices rose after US sanctions reduced Iranian crude exports and tightened global supply.
Trade tensions continued to persist after China told the World Trade Organization that it wanted to impose sanctions on the United States for failing to comply with a ruling in a dispute over US anti-dumping duties.
President Donald Trump had threatened Friday to slam tariffs on almost all Chinese imports.
At 13:07 ET, the Dow Jones Industrial Average rose 146.87 points, or 0.57%, to 26,003.94, the S & P 500 rose 13.00 points, or 0.45% at 2,890.13 and the Nasdaq Composite gained 46.13 points, or 0.58%. at 7,970.29.
Eight of the top 11 sectors of S & P were higher. The largest decline was the utilities sector, down 0.39%.
Shares of companies that experienced higher sales following hurricane Florence, which was reduced to category 4 before Friday's arrival, also benefited from gains.
Home Depot and Lowe's home improvement stores have increased about 1.5%. Generac producer rose 1.9%, while shares in building materials companies rose 0.95% to 2.1%.
Activision Blizzard jumped 6.3%, the highest rate on the S & P, and Take-Two Interactive gained 3.8% after broker Stifel has forecast a strong reception for its video games during the holidays.
Western Digital fell 3.6% after RBC echoed other brokerages warning that falling NAND chip prices would hurt the company. Rival Seagate fell 2.4% and chip maker Micron by 3.5%.
The increase in issuance exceeded the rate of decline by a ratio of 1.30 to 1 on the NYSE and a ratio of 1.01 to 1 on the Nasdaq.
The S & P index recorded 35 new highs of 52 weeks and 14 new lows, while the Nasdaq recorded 85 new highs and 81 new lows.
(Report by Shreyashi Sanyal in Bengaluru, edited by Arun Koyyur)
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