US STOCKS-Wall Street hits record high, S&P 500 teases 2,500-mark

US STOCKS-Wall Street hits record high, S&P 500 teases 2,500-mark
From Reuters - September 15, 2017

(Reuters) - Wall Street touched intra-day record highs on Friday, with the S&P 500 approaching the 2,500 mark as technology stocks bounced back after two days of declines.

The S&P 500 information technology sector .SPLRCT rose 0.21 percent, powered by an Nvidia-led surge in chipmakers, while Apple rose 1.1 percent in its first gain since unveiling new iPhones on Tuesday.

The semiconductor index .SOX surged 1.6 percent, boosted by Nvidias (NVDA.O) 5.7-percent jump to a record high after Evercore ISI raised its price target on the stock.

The S&P 500 tech index has been the best performing sector this year, rising more than 25 percent, far outpacing the broader S&P 500s 11.5-percent growth.

Wall Street largely shrugged off reports showing an unexpected drop in U.S. retail sales last month and the first drop in industrial output since January, both in part due to the impact of Hurricane Harvey.

Investors are keeping an eye on the retail sales data, thinking it may be transitory, and are focusing on growth areas such as technology, which is mostly immune to policy decisions in DC and has avoided all the global noise, said Michael Antonelli, managing director of institutional sales trading at Robert W. Baird in Milwaukee.

U.S. stocks have surged this year, despite turmoil in the White House, doubts about President Donald Trumps ability to push through his pro-business reforms, uncertainty over the timing of rate hikes, and lately, tensions over Pyongyangs missile tests.

All three main indexes high intra-day all-time highs.


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