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US stocks rise again ahead of Trump address

US stocks rise again ahead of Trump address

Traders work on the floor of the New York Stock Exchange. (AP Photo/Richard Drew)

NEW YORK: Wall Street stocks advanced again on Tuesday (Feb 5) with technology shares outperforming ahead of President Donald Trump's annual State of the Union address.

The Dow Jones Industrial Average rose 172.15 points (0.68 per cent) to 25,411.52.

The broad-based S&P 500 climbed 12.83 points (0.47 per cent) to 2,737.70, while the tech-rich Nasdaq Composite Index won 54.55 points (0.74 per cent) to 7,402.09.

US stocks continue to rally on optimism that Federal Reserve monetary policy will be benign, and the United States and China will reach a trade deal.

The S&P 500 has risen more than 16 per cent since Dec 24.

In his address on Tuesday night, Trump is expected to emphasise infrastructure spending and argue the need for a wall along the Mexican border after a dispute with congressional Democrats shut the government for more than a month.

US services sector growth slowed modestly in January due to some impact from the government shutdown, according to a report by the Institute for Supply Management

Large technology companies, including Apple, Amazon and Netflix, climbed more than one percent.

Boeing was another big winner, jumping 3.3 per cent after confirming it would lift production of its wide-body 787 aircraft to 14 per month from 12.

Other big winners included Estee Lauder, which surged 11.6 per cent and Ralph Lauren, which won 8.4 per cent. Both companies reported better-than-expected quarterly earnings.

But Gilead Sciences dropped 3.4 per cent after the drug company reported quarterly earnings of US$1.44 per share, below analyst expectations for US$1.71.

Source: AFP/de


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