Nasdaq leads as US stocks rise

Nasdaq leads as US stocks rise

Traders work on the floor of the New York Stock Exchange. (Drew Angerer/Getty Images/AFP)

NEW YORK: Tech shares led on Thursday (May 18) as US stocks recovered some of their losses from the prior day's sell-off that was driven by worries about President Donald Trump's agenda after numerous stumbles.

Investors took advantage of depressed prices for Apple, Amazon, Facebook and other sought-after equities that were depressed after Wednesday's rout hit the Nasdaq especially hard.

All of those stocks rose between one and two per cent, lifting the Nasdaq 43.89 points (0.73 per cent) higher to 6,055.13.

The Dow Jones Industrial Average rose 56.09 points (0.27 per cent) to close at 20,663.02, while the broad-based S&P 500 climbed 8.69 points (0.37 per cent) to 2,365.72.

Stocks had fallen sharply on Wednesday on worries that myriad investigations and controversies would stymie tax cuts and other Trump growth initiatives.

Art Hogan, chief market strategist at Wunderlich Securities, said the Trump agenda will certainly be delayed by the problems, but it may not be dead. "The reassessment of the agenda being pushed out will continue to put a lid on stocks," he said.

Wal-Mart Stores jumped 3.2 per cent after reporting a rise in sales at US stores and sharp increases in e-commerce growth.

Cisco Systems slumped 7.2 per cent after announcing it was cutting 1,100 jobs as it reported weaker-than-expected financial results in the past quarter.

US-traded shares of Petroleo Brasileiro SA Petrobras plunged 16.9 per cent as the broader Bovespa index sank as President Michel Temer was implicated in a corruption scandal.

Source: AFP/de