Tech shares lead US stocks higher
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NEW YORK (AFP) - Wall Street stocks rose for a third straight session on Friday (Oct 9) with tech shares leading the way amid hopes for a US stimulus package and rising confidence about coronavirus therapeutics.
The Dow Jones Industrial Average capped a positive week with a 0.6 per cent rise to 28,586.90.
The broad-based S&P 500 gained 0.9 per cent to 3,477.13, while the tech-rich Nasdaq Composite Index jumped 1.4 per cent to 11,579.94.
After markets tanked on Tuesday following President Donald Trump's abrupt move to end stimulus talks, investors have cheered his about face in subsequent days that has him cheering for a deal.
The White House on Friday beefed up its offer, proposing a US$1.8 trillion (S$2.4 trillion) package as Trump himself said on a radio show that he favoured an even larger package.
But Senate Majority Leader Mitch McConnell said there was not enough time to complete the talks before the election.
Still, analysts said the gains reflected confidence there would be a package soon.
The market also was boosted by a write-up in the New England Journal of Medicine that Gilead Sciences' drug remdesivir resulted in "consistent, clinically meaningful improvements" in coronavirus patients, the latest positive indicator about a leading treatment. Gilead rose 0.8 per cent.
That news follows announcements by Regeneron Pharmaceuticals and Eli Lilly earlier in the week on Covid-19 therapies that have boosted confidence in effectiveness of the treatments for the virus.
Technology shares led the market, with Amazon winning 3 per cent, Google-parent Alphabet 2 per cent and Netflix 1.4 per cent.
