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Tech rally leads US stocks higher

May 08 2018 09:24

New York - Wall Street stocks finished higher on Monday with technology shares leading the market and oil-linked shares gyrating ahead of a key US announcement on Iran sanctions.

The tech-rich Nasdaq Composite Index gained 0.8% to close the session at 7 265.22.

The Dow Jones Industrial Average rose 0.4% to end at 24 357.32, and the broad-based S&P 500 also climbed 0.4% to 2 672.63.

Large technology shares enjoyed a buoyant session with Apple gaining 0.7% after Berkshire Hathaway's Warren Buffett and Charlie Munger effused about the company after disclosing last week they bought an additional 75 million shares.

"I think we've been a little too restrained," Munger told CNBC. "I wish we owned more of it."

The Berkshire executives also said they wished they had bought Amazon and Google. Shares of Amazon and Google-parent Alphabet also rose.

US stocks were in positive territory the whole session, continuing the upbeat momentum from Friday when a mixed US jobs report was seen as reducing the likelihood that the Federal Reserve will accelerate interest rate hikes.

Petroleum-linked shares, which had been strong early in the session, finished mixed after President Donald Trump said he would announce a stance on the Iran nuclear deal on Tuesday before the market closes.

Oil prices finished at three and a half year high on speculation Trump would exit the deal, but the commodity later pulled back in after-hours trading.

Consumer staples shares were weak, with Walmart shedding 2.4%, CVS health 2.1% and Costco Wholesale 1.1%.

Gramercy Property Trust jumped 15.5% after sealing a deal to be acquired by Blackstone for $7.6bn. Blackstone rose 0.3%.

Athenahealth surged 16.4% after hedge fund Elliott Management announced a bid to acquire the company for $6.9bn.

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equities  |  wall street  |  markets
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