Apple and IBM take the lead among tech-based companies in the US stock market. The stocks surged and recovered from last Friday’s sell-off because technology shares, such as that of Microsoft and Apple, rallied before the largest companies.
Internet and computer shares in the Standard & Poor’s 500 index surged 1.8 percent, while the International Business Machines rose 3.4 percent in the regular trading, recording the most this year, before having their earnings that beat forecasts were posted.
Tech companies were the poorest performers on Friday and were being watched closely in the middle of the reporting season that might see the first decline of the quarter since 2009 for the companies in the S&P 500.
According to Oppenheimer Funds’ chief investment officer, Krishna Memani, if people would want to foresee what might come down the pipe, tech companies were a goof example because these companies were often growth companies that come with a higher beta relative to the market, and that the world needed a good story for growth.
At 4 pm in New York City, the NASDAQ 100 index rose 1.5 percent, recorded as the most in two month, while S&P 500 reached to 0.9 percent (2,100.40), going up above the average price in the last 50 days. On the other hand, Dow Jones Industrial Average rose 208.63 points (1.2 percent) to 18,034.93 after it plunged at about 280 points on Friday.