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S&P 500 blasts through 3,300 as US tech stocks surge | Malay Mail

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NEW YORK, Jan 17 — The S&P 500 rallied through the 3,300 mark for the first time yesterday and the other main US indexes also surged to record highs, fuelled by tech stocks, solid retail sales data and upbeat quarterly earnings from Morgan Stanley. Morgan Stanley jumped 6.6 per cent to lead...

Traders work on the floor at the New York Stock Exchange in New York January 15, 2020. — Reuters pic

Sentiment was further lifted by data that showed US retail sales rose 0.3 per cent in December, in line with economists' estimates. Technology stocks, which have played an outsized part in the recent rally, made fresh gains. The S&P information technology index added 1.4 per cent to a record high, leading gains among the main sectors. Microsoft Corp rose 1.8 per cent and chipmakers also surged after a strong forecast from top contract chip manufacturer TSMC .

Analysts expect profits at S&P 500 companies to have dropped 0.4 per cent in the fourth quarter, but full-year 2020 earnings are estimated to grow 9.6 per cent, according to Refinitiv IBES data. Full-year earnings estimates typically decline as the year advances. The Dow Jones Industrial Average jumped 0.92 per cent to end at 29,297.64 points, while the S&P 500 gained 0.84 per cent to 3,316.89.Among other stocks, Signet Jewelers Ltd soared 40 per cent after raising its 2020 adjusted earnings estimate.

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