Saturday, 24 October 2015

Techs lead Wall Street higher; S&P 500 erases 2015 loss

A tech share rally drove US stocks up sharply for a second day on Friday as earnings from companies including Microsoft beat analysts' expectations, while healthcare shares rebounded from recent losses. 
The gains left the S&P 500 in positive territory for the year and above its 200-day moving average for the first time since Aug. 19. 
An unexpected rate cut in China added to the positive tone for US stocks, which also registered gains for the week. 
Microsoft shares rose 10.1 percent to USD 52.87, their highest in 15 years, after adjusted revenue beat expectations for the ninth quarter in a row. 
Microsoft gave the biggest boost to the three indexes, accounting for nearly a fifth of the Dow's gain and leading a strong rally in technology stocks.
 The S&P technology sector jumped 3.0 percent, leading gains among major sectors.

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