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Thursday 26 April 2018

Technology and healthcare stocks set more records for Wall Street

The market's biggest winners of the year so far, technology and healthcare, have powered US stock indexes to further all-time highs.
The market's biggest winners of the year so far, technology and healthcare, have powered US stock indexes to further all-time highs.

The market's biggest winners of the year so far, technology and healthcare, have powered US stock indexes to further all-time highs.

Huge technology companies like Apple and Facebook continued their ascent, while strong reports from companies including medical device maker Medtronic and construction and technical services company Jacobs Engineering helped healthcare and industrial companies, respectively.

Basic materials companies, which have done better than the rest of the Standard & Poor's 500 index, also rose.

Telecommunications companies declined, while energy companies and banks did not do as well as the rest of the market.

The S&P 500 index climbed 16.89 points, or 0.7%, to 2,599.03. The Dow Jones industrial average gained 160.50 points, or 0.7%, to 23,590.83. The Nasdaq composite added 71.76 points, or 1.1%, to 6,862.48.

The Russell 2000 index of smaller-company stocks rose for a fourth day and picked up 15.49 points, or 1%, to 1,518.89. All four indexes set records.

The Russell had struggled in recent weeks, but on Tuesday it beat its record close from early October.

Big-name technology companies lead the way overall. Apple rose $3.16, or 1.9%, to $173.14 and Facebook added $3.12, or 1.7%, to $181.86. Healthcare companies climbed as well.

Those two sectors are the best-performing parts of the market this year.

Homebuilders climbed after the National Association of Realtors said sales of homes grew in October. They're down slightly from last year because there are so few houses on the market, but the tight supply and rising prices have sent homebuilder stocks soaring this year.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.36% from 2.37%.

Benchmark US crude oil rose 41 cents to $56.84 a barrel in New York, while Brent crude, the international standard, added 35 cents to $62.57 a barrel in London.

AP

Press Association

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