Nasdaq hits new record as tech stocks push markets higher

6 months ago 30
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July 6 (UPI) -- The Nasdaq Composite hit a record high on Monday as stocks rose sharply behind strong tech stocks to begin the week.

The Nasdaq ended the day up 2.2 percent, it's largest single-day gain since mid-May, led by tech stocks such as Amazon, which rose 5.77 percent and shares climbed above $3,000 for the first time.

Netflix stock also rose 3.55 percent to an all-time high. Shares of Microsoft, Apple and Google's parent company Alphabet, also rose more than 2 percent each.

The Dow Jones Industrial Average 459.67 percent, or 1.78 percent, while the S&P 500 climbed 1.59 percent.

Sunday's announcement that Duke Energy and Dominion Energy canceled plans to develop the Atlantic Coast Pipeline also affected stocks as Duke stock fell 2.47 percent and Dominion dropped 10.98 percent.

Berkshire Hathaway stock rose 2.43 percent after it purchased Dominion Energy's natural gas transmission and storage assets.

Uber stock also climbed 6 percent after it acquired food delivery service Postmates.

Markets began the week with a strong showing after the Dow and S&P 500 climbed more than 3.7 percent and Nasdaq gained 5.2 percent last week after a slight rise on Thursday as the Dow gained 92 points.

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