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US: Tech rally leads stocks higher

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[NEW YORK] Led by tech giants, Wall Street stocks finished solidly higher on Wednesday as investor optimism over the reopening of the economy offset worries about the hit from coronavirus shutdowns. Read more at The Business Times.

Facebook rocketed 6.0 per cent higher after unveiling tools for retailers hit by the pandemic to create online storefronts at the social network and Instagram, while Amazon advanced 2.0 per cent as it released the online gameAfter a terrible March, stocks have lately risen on hopes the US economy will quickly bottom out and rebound solidly.

Big-box retailer Target fell 2.9 per cent after reporting an 11.3 per cent jump in first-quarter revenues to US$19.6 billion. However, the company suffered a 64.3 per cent drop in profits to US$284 million due to higher costs. The results demonstrated the juggling act essential stores are doing during the Covid-19 crisis as they bonuses to hourly workers and spend more on cleaning.For daily updates on weekdays and specially selected content for the weekend. Subscribe to

 

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