US Stocks Rally Pushing Nasdaq To Record High

US stocks rose on Wednesday and the Nasdaq hit a record closing high, supported by technology shares as early signs of an economic rebound offset concern about further lockdowns due to a jump in coronavirus cases across the country.

Apple Inc and Microsoft Corp provided the biggest boosts to the Dow and S&P 500, with the S&P 500 technology index up 1.6% and leading sector gains. The Nasdaq outpaced the other two major indexes, ending 1.4 percent higher, led by Amazon.com, its fourth record closing high this month.

The number of confirmed US coronavirus cases surpassed 3 million, affecting nearly one of every 100 Americans. California, Hawaii, Idaho, Missouri, Montana, Oklahoma and Texas broke their previous daily record highs for new infections.

Investors have been weighing a string of upbeat economic data including record job additions and a rebound in the service sector in June, against the surge in US coronavirus cases recently, but the S&P 500 is still up more than 40 percent from its March closing low.

The Dow Jones Industrial Average rose 0.68 percent to 26,067.28, the S&P 500 rose 0.78 percent to 3,169.94 and the Nasdaq Composite put on 1.44 percent to close at 10,492.50. (Reuters)