NEW YORK, Mar 22 — Wall Street stocks rose early today with tech shares leading as US Treasury bond yields retreated at the start of a new trading week.
Apple, Netflix and Tesla all pushed higher, along with the tech-centred Nasdaq, which has underperformed the other two major US equity indices so far in 2021.
Treasury bonds have also lagged equities as investors look ahead of the second quarter.
“Quarter end is a popular time to take stock (no pun intended) of the stock and bond weightings in one’s portfolio,” said Briefing.com analyst Patrick O’Hare.
“There are some vestiges of rebalancing activity in the early going.”
About 25 minutes into trading, the Nasdaq Composite Index was up 0.8 per cent to 13,326.43.
The Dow Jones Industrial Average gained 0.1 per cent to 32,670.57, while the broad-based S&P 500 advanced 0.4 per cent to 3,929.35.
Among individual companies, Kansas City Southern shot up 13.7 per cent after agreeing to be acquired by Canadian Pacific Railway in a deal valued at US$29 billion that creates the first rail network linking Canada, the United States and Mexico.
Canadian Pacific dropped 2.4 per cent. — AFP
