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US stocks jump on rebound in tech optimism

NEW YORK – Wall Street bounced Monday as investors snapped up tech stocks, capitalising on their relatively lower prices following a recent lackluster spell in the US financial markets.

The tech-rich Nasdaq Composite Index rose sharply to end the day up 1.1 per cent at 13,917.89.

The S&P 500 gained 0.7 per cent to 4,487.46, while the Dow Jones Industrial Average picked up by 0.3 per cent to close at 34,663.72.

“It seems like it’s just a risk-on day where investors were leaning into the most speculative parts of the market,” Jack Ablin from Cresset Capital told AFP.

Among individual stocks, electric car manufacturer Tesla saw its shares pop by more than 10 per cent after a positive report from Morgan Stanley about the potential of new supercomputer infrastructure.

The Morgan Stanley upgrade on Tesla “certainly” helped, Ablin said, adding that the company’s positive day “could be more than that because China was also leading a lot of equity markets.”

Chipmaker Qualcomm closed up almost four per cent after it announced it would supply Apple with 5G modems.

The Walt Disney Company also saw its share price rise after US media reported that it ended a dispute with Charter Communications which saw almost 15 million cable customers lose access to its channels. AFP

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