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Energy, tech buoy US stocks to solid gains

A lift from energy and tech stocks pushed US stocks higher a day after US President Donald Trump withdrew the US from the 2015 Iran nuclear deal.

The S&P 500 finished the day up 0.97 per cent to 2,697.8. The energy sector surfed rising oil prices to a 2 per cent gain, putting it at the top of the benchmark index, while the tech sector advanced 1.4 per cent. Telecoms were the biggest loser, dropping more than 1 per cent, while consumer non-cyclicals and utilities also ended in negative territory.

TripAdvisor’s 22 per cent post-earnings jump put it at the head of the pack on the S&P 500, while Coty dropped 8 per cent after an underwhelming quarterly report.

The Dow Jones Industrial Average finished the day up 0.75 per cent to 24,542.86, with Walmart proving the biggest drag, falling 3.3 per cent after the long-awaited confirmation of its deal to buy India’s Flipkart. The tech-heavy Nasdaq Composite ended the day up 0.99 per cent to 7,339.08, for its fourth straight day of gains.

Yields on 10-year US Treasuries ended the trading day back above the 3 per cent mark after solid investor demand at the latest 10-year auction.

The dollar index wound up flat on the day at 93.096, while oil prices rose more than 3 per cent as bulls charged ahead in the wake of the Iran decision.

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