Tech stocks lead 300-point rise on Dow Jones Index
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Stock prices rose on Monday led by shares in technology. This caused the Dow Jones index to rise by 353 points, or 1.2 per cent. Other financial indices also saw gains. The Nasdaq Composite advanced 2.9 per cent and the S&P 500 rose 1.9 per cent. The three are the most-followed stock markets in the USA. Apple was a key performer. Its stock went up six per cent. This was on the back of investors anticipating Apple to unveil its first 5G smartphone later this week. Other tech giants did well. Facebook and Amazon jumped 5.3 per cent and 5.2 per cent respectively.
Trading on Wall Street saw its best performance in three months. Confidence among investors remains strong, despite the economic damage caused by the COVID-19 pandemic. Analysts say the tech companies are largely responsible for the bullish markets. Most of these companies have proved to be immune to the economic downturn. Sales of their products and services have skyrocketed as people stay at home and become more dependent on the Internet. Energy stocks were the only strugglers on Monday. Their prices dropped after a sudden fall in U.S. crude oil prices.
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