Google and Other Tech Stocks: Impact on the S&P 500 Surge


The Dow Jones industrial average continued its march upward Monday, opening at a record high that tops last week's milestone of 21,391.97, CNBC reported.

The tech-leaning Nasdaq advanced 1.2%, while the S&P 500 and the Dow Jones industrial average rose 0.7% and 0.5% respectively.

Nasdaq's biotechnology index.NBI rose 2.5 percent in its biggest one-day gain since February while the S&P's healthcare index.SPXHC had a record-high close. The Nasdaq Composite (COMP - 6,239.01) bounced back a whopping 87.3 points, or 1.4%, to mark its best percentage gain since November 7, 2016.

Apple rose 3.8 per cent to $146.07, providing the biggest boost to technology followed by Microsoft, Alphabet and Facebook.

The consumer staples sector got a pasting at the tail-end of last week, dominated as it is by food retailers, after the internet titamn Inc (NASDAQ:AMZN) surprised the world by launching a US$13.7bn takeover of Whole Foods Market Inc (NASDAQ:WFM).

The Dow is up 1,766.39 points, or 8.9 percent.

Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., June 2, 2017.

The Fed commentary last week had surprised investors who expected more caution after some weak USA economic data. S&P 500 e-minis were up 7.25 points, or 0.3 percent, with 138,274 contracts traded.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.19 percent. "We suspect, an upholding of least one more rate hike will likely be supported", said aid Peter Cardillo, chief market economist at First Standard Financial in NY.

The S&P technology sector.SPLRCT finished up 1.7 percent after its second straight weekly decline, which was triggered by fears of stretched valuations.

The S&P 500 posted 49 new 52-week highs and 10 new lows; the Nasdaq Composite recorded 99 new highs and 87 new lows.

Clovis Oncology ( CLVS ) led the sector higher after the biopharmaceutical company announced positive late-stage trial data for its ovarian cancer drug.