Tech stocks extend S&P 500's rally to seventh straight session

REUTERS: The S&P 500 rallied for the seventh straight session on Friday, powered by tech stocks, prospects of super-low interest rates for a prolonged period and hopes of a medical solution to the COVID-19 pandemic.

The Federal Reserve on Thursday unveiled a plan to support inflation and restore the U.S. economy from its biggest downturn since the Great Depression. Meanwhile, the U.S. election campaign entered its final stretch with U.S. President Donald Trump's Republican nomination for a second term. Analysts expect market volatility to increase again ahead of voting in November. At 11:10 a.m. ET, the Dow Jones Industrial Average was up 62.28 points, or 0.22per cent, at 28,554.55, the S&P 500 was up 5.92 points, or 0.17per cent, at 3,490.47. The Nasdaq Composite was up 53.23 points, or 0.46per cent, at 11,678.57.

In the latest sign that technology companies are booming in the pandemic, business software provider Workday Inc jumped 11.5per cent after raising its annual subscription forecast and Dell Technologies Inc gained 5.1per cent after reporting a quarterly profit beat.

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