Technology companies drag along – new records on Wall Street

Another day with strongly rising prices gave new records on Wall Street. The newly awakened technology sector was a heavy locomotive.

» Published: December 04 2024

Technology companies drag along – new records on Wall Street
Photo: Peter Morgan/AP/TT

If you look at the sector, the stocks have been lagging since July, but that doesn't mean they can't pick up speed again, says Nancy Tengler, CEO of the investment company Laffer Tengler, to CNBC.

Cloud service company Salesforce and chip manufacturer Marvell both presented quarterly reports that exceeded expectations. They rose 11 and 23.2 percent, respectively.

Also, six of the seven major tech giants, known as the magnificent seven – Alphabet, Amazon, Apple, Microsoft, Nvidia, and Tesla – went more or less strongly plus.

Meta, the seventh, ended unchanged.

Record three times

At the close, the broad S&P 500 had risen 0.6 percent, Nasdaq's composite index 1.3 percent, and the Dow Jones industrial index 0.7 percent.

Thus, all three indices closed at new record levels. The Dow Jones industrial index ended at 45,014 points, for the first time above 45,000.

The S&P 500 and Nasdaq's composite index closed at a record for the third day in a row, and for the S&P 500, it was the 56th time just this year.

Blind to worry

S teve Sosnick at online broker Interactive Brokers notes that investors are completely ignoring disturbing moments such as the political unrest in South Korea and France.

Right now, the market is looking for excuses to rise, and there's really nothing that can counter that story, he says to news agency AFP.

A speech by Federal Reserve Chairman Jerome Powell on the state of the US economy also kept the market in good spirits, as did new labor market statistics.

Sportswear retailer Foot Locker had a tough day. After lowering its full-year forecast for sales and profit, the company fell 8.9 percent.

Tags

TTT
By TTThis article has been altered and translated by Sweden Herald

More news

Saab Secures 880 Million Kronor
1 MIN READ

Saab Secures 880 Million Kronor Order for Combat Vehicle Systems

Trump Tariffs Threaten to Hike
1 MIN READ

Trump Tariffs Threaten to Hike Coffee Prices in the US

Trump's New Tariffs Spark Global
2 MIN READ

Trump's New Tariffs Spark Global Criticism and Economic Concerns

Kent Concerts Spark Hotel Market
1 MIN READ

Kent Concerts Spark Hotel Market Boost in Stockholm

US Boosts Norwegian Salmon Imports
1 MIN READ

US Boosts Norwegian Salmon Imports Before Tariff Decision

IT Sector Sees Reduced Work
1 MIN READ

IT Sector Sees Reduced Work Hours and Pay Increase in New Agreement

Service Sector Slows as Index
1 MIN READ

Service Sector Slows as Index Drops Below 50 in Sweden

Kristersson Urges Action Over US
2 MIN READ

Kristersson Urges Action Over US Tariffs, Calls for EU-US Trade Talks

Economist Urges Swedish Savers to
2 MIN READ

Economist Urges Swedish Savers to Hold Steady Despite Tariff Impact

Stockholm Stocks Dip 2.5 Percent
2 MIN READ

Stockholm Stocks Dip 2.5 Percent After Trump's Tariff News

Stock Market Faces Uncertainty After
2 MIN READ

Stock Market Faces Uncertainty After Trump's Tariff Announcement

Food Prices Stabilize as Supermarkets
3 MIN READ

Food Prices Stabilize as Supermarkets Compete for Shoppers

EU Prepares Countermeasures as US
2 MIN READ

EU Prepares Countermeasures as US Tariffs Threaten Global Economy

Gold Prices Soar to Record
1 MIN READ

Gold Prices Soar to Record Highs Following Trump's Tariff News

Colombia Plans to Acquire Swedish
1 MIN READ

Colombia Plans to Acquire Swedish Gripen Fighter Jets

Tokyo Stocks Drop Sharply Following
1 MIN READ

Tokyo Stocks Drop Sharply Following US Tariff Announcement

Global Leaders Rally Against Trump's
3 MIN READ

Global Leaders Rally Against Trump's Tariffs to Avert Trade War

US Finance Minister Urges Nations:
1 MIN READ

US Finance Minister Urges Nations: Hold Off on Retaliating to Tariffs

Trump's Tariffs Higher Than Expected,
2 MIN READ

Trump's Tariffs Higher Than Expected, Experts Warn of Lingering Uncertainty

Sweden Ready to Tackle Trump's
2 MIN READ

Sweden Ready to Tackle Trump's EU Tariffs, Says PM Kristersson

Trump's Tariffs Spark Global Economic
2 MIN READ

Trump's Tariffs Spark Global Economic Uncertainty, Experts Warn

Trump Announces 20 Percent Tariffs
3 MIN READ

Trump Announces 20 Percent Tariffs on EU Goods

APM Terminals Acquires Key Railway
1 MIN READ

APM Terminals Acquires Key Railway by Panama Canal

Volvo CEO Calls Trump's Tariffs
2 MIN READ

Volvo CEO Calls Trump's Tariffs a Messy Challenge for Swedish Industry

Amazon and AppLovin Eye TikTok's
2 MIN READ

Amazon and AppLovin Eye TikTok's US Operations for Acquisition

Wall Street Gains as Investors
2 MIN READ

Wall Street Gains as Investors Await Trump's Tariff Announcement

Tesla Sales Plummet in Q1,
1 MIN READ

Tesla Sales Plummet in Q1, Miss Analyst Expectations by Wide Margin

US Private Sector Adds 155,000
1 MIN READ

US Private Sector Adds 155,000 Jobs in March, Surpassing Expectations

China Limits US Investments as
1 MIN READ

China Limits US Investments as Trade Tensions Rise

Ben & Jerry's Co-Founder Seeks
2 MIN READ

Ben & Jerry's Co-Founder Seeks to Reclaim Brand from Unilever

Nintendo Switch 2 Launches June
1 MIN READ

Nintendo Switch 2 Launches June 5 with New Games and Features

Northvolt Labs in Västerås to
1 MIN READ

Northvolt Labs in Västerås to Lay Off 550 Employees

FI Warns of Rising Fees
2 MIN READ

FI Warns of Rising Fees for Housing Associations as Costs Climb

Volvo Cars Sees 10 Percent
1 MIN READ

Volvo Cars Sees 10 Percent Drop in March Sales, Electric Models Hit Hard

Stockholm Stocks Slide as Tariff
2 MIN READ

Stockholm Stocks Slide as Tariff Concerns Hit Major Companies

Genre image
1 MIN READ

Systemair CEO Roland Kasper Steps Down After a Decade

Dustin Announces Billion-Kronor Boost as
1 MIN READ

Dustin Announces Billion-Kronor Boost as Shares Drop 7 Percent

Folksam Divests Tesla Shares Over
2 MIN READ

Folksam Divests Tesla Shares Over Swedish Labor Dispute

Trump Set to Announce New
2 MIN READ

Trump Set to Announce New Tariffs as Global Markets Brace

Stockholm Stock Exchange Faces Decline
1 MIN READ

Stockholm Stock Exchange Faces Decline as Futures Point Downward