Tech stocks take Nasdaq closer to record


The S&P 500 is up 179.97 points, or 6.7 per cent.

The Canadian dollar averaged 76.26 cents United States, down 0.43 of a U.S. cent.

The benchmark index is less than half a percent shy of the record it hit January 26, while the Nasdaq was close to an all-time record as well.

At 9:53 a.m. EDT the Dow Jones Industrial Average was down 38.77 points, or 0.15 percent, at 25,590.14, the S&P 500 was down 2.83 points, or 0.10 percent, at 2,855.62 and the Nasdaq Composite was down 7.72 points, or 0.10 percent, at 7,875.95.

Michael Kors gained 7.5 percent after the fashion house topped Wall Street forecasts for quarterly profit and revenue and raised its full-year earnings forecast.

The TSX's energy group rose 0.22 points, or 0.11 per cent, while the financials sector slipped 1.81 points, or 0.59 per cent. The loonie slipped despite somewhat positive jobs numbers from Statistics Canada as global investors propped up the US dollar.

The energy group dropped 0.75 percent and weighed the most on the S&P index as crude oil prices fell on slowing Chinese demand and trade issues.

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Shares in trade-sensitive companies fell.

Tesla shares ended up 0.9 per cent.

The S&P gains came as the latest data pointed to strength in the labor market, underscoring the health of the USA economy despite ongoing trade tensions.

Economic data showing USA consumer inflation rose steadily in July, supporting the case for another interest rate hike next month by the Federal Reserve. Meanwhile, newly announced US sanctions against Russian Federation added to the turmoil.

"There is low volatility in the markets as the S&P and Nasdaq are just below all-time record highs, and it seems like markets are complacent right now".

The Nasdaq is up 79.77 points, or 1 per cent.

"The Dow's positive momentum keeps fading according to technical readings in the daily chart, but by no means indicates an upcoming bearish continuation, as the index holds well above all of its moving averages, and with the 20 DMA maintaining its bullish stance".