The Dow Jones Industrial Average closed above 34,000 points for the first time to reach new highs as tech stocks rallied, fueled by declining bond yields and strong US retail sales data in March.
It is the second time this week that the S & P 500 has recorded a new high, while the Dow has surpassed its previous high of April 9
Standard peak levels included the IT sector index. The sector, along with the telecom services sector, is supported by the strong performance of big names such as Apple, Microsoft and Facebook.
Tim Murray, Capital Markets strategist at TD Securities, said: Roy Price Associates, ” although valuations are much higher, there is great confidence that the tech giants will continue to generate sufficient liquidity flows to justify those valuations.”
Based on unofficial data, the Dow rose 305.16 points, or 0.9 percent, to 34,036.05 points, the S & P gained 45.79 points, or 1.11 percent, to 4,170. 45 points, and the Nasdaq Composite Index advanced 180.92 points, or 1.31 percent, to 14,038. 76 points.