Tech stocks lift Wall Street

Credit: Reuters Studio
Published on March 15, 2019 - Duration: 01:14s

Tech stocks lift Wall Street

U.S. stocks rose on Friday, led by technology companies as a report on progress in U.S.-China trade talks lifted sentiment.

Fred Katayama reports.

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Tech stocks lift Wall Street

Optimism over U.S.-China trade talks sparked buying on Wall Street Friday.

The S&P 500 and Nasdaq rose for the fourth time in five days.

Tech stocks spearheaded the rally.

Mercadien Asset Management president, Ken Kamen: SOUNDBITE: MERCADIEN ASSET MANAGEMENT PRESIDENT, KEN KAMEN, (ENGLISH) SAYING: "I think we're gonna kind of stay around these ranges.

I don't think we're going to be, you know, getting another 10 or 15 percent from here." Investors got more signs of a sharp slowdown in economic growth.

Manufacturing output fell for a second straight month in February.

But investors felt relief upon learning from China's state-run news agency that Washington and Beijing were making substantive progress on trade talks.

That drove up China-sensitive sectors like chips.

Amazon shares vaulted past the $1700 a share level.

KeyBanc upgraded shares of the e-commerce giant to "overweight", noting that its plans to open grocery stores could boost its margins.

Tesla shares fell one day after the electric car maker unveiled its Model Y sport utility.

Spotify shares rose after Apple struck back at the music streaming company, saying it had distributed nearly 200 app updates on Spotify's behalf.

Spotify had filed a complaint with EU antitrust regulators, saying Apple unfairly limits rivals to favor its own streaming music service.

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