Tech companies help Wall Street turn green

Tech companies help Wall Street turn green


US Stock exchanges ended Thursday on a higher note days after facing significant losses. Tech companies were the key to show recovery. Wall Street also digested the quarterly report from retail giant Walmart. The Dow-Jones index closed 0.8 percent higher at 25,289.27 points. The broad S & P 500 added 1.1 percent to 2730.20 points and tech-heavy Nasdaq ended 1.7 percent in the green at 7259.03 points. American investors clearly did not let themselves be bothered by all the Brexit problems in Europe.

Heavyweight Apple, which recently received considerable blows in New York, gained 2.5 percent of stock market value. The tech company has reportedly signed a cooperation deal to make films themselves, similar to what Amazon and Netflix already do.

Retail chain JC Penney, which came with figures, scored better after a sharply lower opening, eventually closing almost 12 percent higher. The results of the manufacturer of network equipment Cisco Systems were rewarded by investors with a price jump of 5.5 percent. Dow stock Walmart posted its last quarter sales, helped by higher sales in the American home market. The supermarket chain also adjusted its expectations for earnings per share. But investors do not seem convinced. The share fell 2 percent.

Tesla also gathered attention as Elon Musk has announced via Twitter that the maker of electric cars has bought several truck companies to better manage all logistics around the deliveries of the Model 3. Facebook closed 0.3 percent lower, after reports that through a Republican lobby company, called Definers, tried to put critics with fake news in a bad light. That would have happened to divert attention from the ongoing scandals around Facebook. Facebook denies the accusations.

The euro was worth $1.1332, compared with $1.1330 at the closing of the European stock markets earlier in the day. The price of a barrel of American oil rose 0.5 percent to $56.53. Brent oil cost 0.7 percent more at $66.60 per barrel.