Technology companies lead stocks higher in midday trade

Eileen GuzmanFeb 03, 2018

"Armenpress" reports the value of Dow Jones up by 0.14% to 26186.71 points, S&P 500 down by 0.06% to 2821.98 points, Nasdaq down by 0.35% to 7385.86 points.

The Standard & Poor's 500 index rose 9 points, or 0.3 percent, to 2,831 as of 10:11 a.m. Oil prices headed lower.

The Fed's statement Wednesday said officials expect inflation will move higher this year and stabilize around 2% over the medium term.

Technology and consumer cyclicals were the sectors with the biggest gains, while industrials posted the biggest losses.

The S&P 500 is up 148.37 points, or 5.5 per cent.

The Nasdaq is up 482.47 points, or 7 per cent.

Some investors said a positive earnings and economic backdrop remains intact, though concerns about higher inflation and less accommodative central-bank policy have become more pronounced recently.

The Toronto Stock Exchange's S&P/TSX composite index ended down 90.75 points, or 0.57 per cent, at 15,860.92, its lowest close since October 25.

Stock futures climbed toward a rebound in Wednesday's premarket session, as the S&P 500 looked to cap its best January showing in two decades. Eli Lilly lost $3.92, or 4.6 percent, to $82.17, while Gilead Sciences gave up $3.10, or 3.6 percent, to $84.19.

Google's parent company Alphabet slumped 4.6 percent Friday after reporting results that missed analysts' forecasts.

The Dow Jones industrial average fell 343 points, or 1.3 percent, to 25,841. The stock slid $1.54 to $58.64. Brent crude, used to price worldwide oils, declined 16 cents to $68.36 in London.

The yield on the benchmark 10-year U.S. Treasury note Wednesday settled at 2.722% from 2.725% Tuesday, staying near its highest settlement since April 2014.

Bond prices fell after the government reported more job gains last month.

Technology company Open Text Corp was the biggest gainer, closing up 12.7 per cent after reporting a 35 per cent increase in second-quarter revenue and seeing ratings upgrades by several analysts. Rising yields make bonds more appealing to investors seeking income, but they can also lead to higher financing costs for companies, homebuyers and other borrowers.

CURRENCIES: The dollar rose to 108.94 yen from 108.78 yen on Tuesday.

MARKETS OVERSEAS: Germany's DAX fell 0.2 percent, while France's CAC 40 gained less than 0.1 percent.

Elsewhere, the Stoxx Europe 600 swung between small gains and losses and closed down 0.2% following its biggest daily fall of the year. Over in Sydney, the S&P/ASX 200 gained 0.71%. Hong Kong's Hang Seng index fell 0.8 percent.

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