Tech stocks power Nasdaq to record high | Malay Mail

NEW YORK, Sept 1 — The Nasdaq Composite hit a record high today, with high-growth technology stocks in the lead after weaker-than-expected private payrolls data raised hopes for an extended support from the US central bank.

The ADP report, published ahead of the government’s more comprehensive employment report on Friday, showed US private employers hired far fewer workers than expected in August. Wall Street’s main indexes have hit record highs recently, with the benchmark S&P 500 notching a solid 2.9 per cent rise in August as investors shrugged off risks around a rise in new coronavirus infections and hoped for the Fed to remain dovish in its policy stance.

Economically sensitive energy stocks, materials and industrial stocks fell between 0.6 per cent and 0.9 per cent, keeping the S&P 500 and Dow subdued. Shares of Calvin Klein and Tommy Hilfiger owner PVH Corp surged 13.8 per cent after it raised its full-year earnings forecast.

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