Wall Street at New Highs as Tech Breaches Dot-Com Era Record
The S&P 500 tech sector broke its previous record closing high that had held since March 2000 in the midst of the dot-com and Y2K tech stocks bubble.
The Dow Jones Industrial Average rose 66.02 points, or 0.31 percent, to 21,640.75, the S&P 500 gained 13.22 points, or 0.54 percent, to 2,473.83
and the Nasdaq Composite added 40.74 points, or 0.64 percent, to 6,385.04.
NEW YORK — The major U. S. stock indexes closed at record highs on Wednesday helped partly by technology stocks,
which surpassed a long-standing mark, despite gains on the Dow being capped by a sharp drop in IBM shares.
The Dow, S&P, Nasdaq and the small-cap Russell 2000 indexes all set record closing highs.
Analysts estimate an 8.7 percent rise in second-quarter earnings
and a 4.6 percent increase in revenue for the S&P 500 companies from a year earlier, according to Thomson Reuters I/B/E/S.
IBM was a drag on the Dow industrials after its quarterly revenue came in below expectations
and the stock fell 4.2 percent to $147.53, having hit a 13-month low of $146.71.