Wall Street hits record highs

| Updated: October 24, 2017 14:00:43

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Wall Street reached record highs on Friday, with the S&P 500 surpassing 2,500 points as telecommunications shares rose and technology bounced back after two days of declines.


The S&P 500’s breach of the 2,500-mark came less than four months after it closed above 2,400, and brought 2017’s gain to nearly 12 per cent, reports Reuters.


The S&P 500 information technology sector rose 0.30 per cent, powered by an Nvidia-led surge in chipmakers, while Apple rose 1.01 per cent in its first gain since unveiling new iPhones on Tuesday.


The semiconductor index surged 1.71 per cent, boosted by Nvidia’s 6.32-per cent jump to a record high after Evercore ISI raised its price target on the stock.


AT&T rose 2.15 per cent and Verizon Communications added 1.44 per cent. Along with T-Mobile, they are offering deals for the newest iPhones that are less generous than in the past.


The Dow Jones Industrial Average rose 0.29 per cent to end at 22,268.34 points, while the S&P 500 gained 0.18 per cent to 2,500.23, records for both.


The Nasdaq Composite added 0.3 per cent to 6,448.47.


Advancing issues outnumbered declining ones on the NYSE by a 1.76-to-1 ratio; on Nasdaq, a 1.47-to-1 ratio favoured advancers.


About 8.5 billion shares changed hands on US exchanges, above the 20-day average of 5.9 billion shares.

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