Wall St rebounds to end 3-day drop as Microsoft gains
NEW YORK (REUTERS) - United States (US) stocks advanced on Thursday, snapping a three-day losing skid as a rally in Microsoft helped lift the technology sector.
The three major US stock indexes shook off early losses as Microsoft shares climbed. The stock closed up 2.6 per cent at US$32.89 (S$41.68) in heavy volume. The S&P information technology sector index rose 0.4 per cent.
Shares of Tesla Motors Inc jumped 14.3 per cent to US$153.48 a day after the electric car maker posted an unexpected quarterly profit. The stock has been a major momentum favourite this year, up almost 350 per cent in 2013.
"There definitely seems to be some big runners. Microsoft was up quite a bit," said Mr Peter Jankovskis, co-chief investment officer of OakBrook Investments LLC in Lisle, Illinois.