S&P 500 rides Microsoft, Amazon to record close above 4,000 | Malay Mail

Traders work on the floor of the New York Stock Exchange in New York, October 3, 2018. — Reuters picNEW YORK, April 2 — The S&P 500 surged on Thursday to its first-ever close above the 4,000 mark, lifted by gains in Microsoft, Amazon and Alphabet, as well as optimism about a recovering US economy.

“We’re still bullish for this year, and we think that with stimulus, with the Fed committed to being dovish, with the economy reopening due to more of the US getting vaccinated, overall you’re going see corporate earnings do pretty well,” said King Lip, chief investment strategist at Baker Avenue Asset Management in San Francisco.

The Nasdaq remains about 5 per cent below its Feb. 12 record high close, still smarting after higher US bond yields hurt technology stocks. US-listed shares of rival Taiwan Semiconductor rose 5.5 per cent after it said it will invest US$100 billion over three years to meet rising chip demand.

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