US close: Dow has another solid session, tech stocks advance

Wall Street stocks finished in positive territory on Thursday, making for another all-time high for the Dow following its stellar performance in the previous session.

At the close, the Dow Jones Industrial Average was up 0.58% at 32,485.59, the S&P 500 added 1.04% to 3,939.34, and the Nasdaq Composite was 2.52% firmer at 13,398.67.

The Dow Jones Industrials closed 188.57 points higher on Thursday, extending Wednesday’s record setting rally.

Like the prior session, Thursday's gains were at least partially fuelled by news that the House of Representatives had passed Joe Biden's $1.9trn stimulus package, with the President now preparing to sign it into law by 14 March.

Also in focus was the yield on the 10-year Treasury note, which, while inching forward slightly to around 1.53%, had seemingly distanced itself enough from recent highs to temporarily halt a rotation away from tech and growth stocks and into more cyclical sectors.

On the macroeconomic front, unemployment claims in the US continued falling at a steady pace over the week ended 6 March, according to the Department of Labor.

In seasonally-adjusted terms, initial unemployment claims fell by 42,000 to reach 712,000, while the four-week moving average also retreated, falling 34,000 to 759,000.

Elsewhere, the Bureau of Labor Statistics' job openings and labour turnover summary for January revealed that the number of job openings on the last day of January was 6.9m, a touch better than the 6.6m print expected on the Street.

In corporate news, technology stocks were among the session’s leading plays, with Apple up 1.65%, Facebook rising 3.39% and Netflix 3.67% firmer, while Tesla shares advanced 4.72%.

Game technology company Inspired Entertainment, meanwhile, rocketed 24.32% after it beat fourth-quarter earnings and revenues estimates.

Dow Jones - Risers

Boeing Co. (BA) $252.00 2.71%
Nike Inc. (NKE) $141.19 2.62%
Microsoft Corp. (MSFT) $237.13 2.03%
Walgreens Boots Alliance, Inc. (WBA) $51.52 1.98%
Salesforce.Com Inc. (CRM) $215.95 1.88%
Intel Corp. (INTC) $63.31 1.70%
Apple Inc. (AAPL) $121.96 1.65%
Visa Inc. (V) $226.15 1.34%
Cisco Systems Inc. (CSCO) $48.80 1.06%
Unitedhealth Group Inc. (UNH) $353.10 1.00%