U.S. stocks rise as tech shares rally


Xinhua News

24th January 2023 – (New York) Wall Street’s major averages climbed on Monday, boosted by solid gains in tech-related stocks.

The Dow Jones Industrial Average rose 254.07 points, or 0.76 percent, to 33,629.56. The S&P 500 added 47.20 points, or 1.19 percent, to 4,019.81. The Nasdaq Composite Index increased 223.98 points, or 2.01 percent, to 11,364.41.

Ten of the 11 primary S&P 500 sectors ended in green, with technology and communication services up 2.28 percent and 1.78 percent, respectively, outpacing the rest. Energy slipped 0.2 percent, the lone declining group.

Investors awaited key earnings results as big names such as Microsoft, IBM, Boeing and Tesla are on deck to report later this week.

Of the S&P 500 companies that have reported their earnings so far, around 63 percent posted results that exceeded expectations, according to financial market data provider Refinitiv.

For the week ending Friday, the Dow declined 2.7 percent, the S&P 500 fell 0.7 percent and the Nasdaq rose 0.6 percent.