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US stocks trade higher amid rallying tech shares

New York, Sep 20 (IANS) US stocks traded on an upbeat note on Thursday, bolstered by solid gains in major tech shares.

The Dow Jones Industrial Average increased 100.93 points, or 0.37 per cent, to 27,248.01. The S&P 500 climbed 12.54 points, or 0.42 per cent, to 3,019.27. The Nasdaq Composite Index rose 41.93 points, or 0.51 per cent, to 8,219.32, Xinhua reported.

The Dow’s triple-digit gains were led by Microsoft stock. Shares of the software behemoth advanced more than 2 per cent around midday after the company approved a $40 billion stock repurchase program.

Major tech shares, including Facebook and Google-parent Alphabet, traded higher, contributing to the market.

The S&P 500 technology sector rose 0.7 per cent in midday trading.

Wall Street also digested the Federal Reserve’s latest decision on the monetary policy.

The US central bank on Wednesday lowered interest rates by 25 basis points amid growing risks and uncertainties stemming from trade tensions and a global economic slowdown, following a rate cut in July that was its first in more than a decade.




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