US stocks join global rally as tech giants gain

The Wall Street sign is seen outside the New York Stock Exchange. — Reuters pic
The Wall Street sign is seen outside the New York Stock Exchange. — Reuters pic

NEW YORK, June 19 — Wall Street stocks rose early today, following overseas equity markets higher after a strong election result for French President Emmanuel Macron was seen as boosting his pro-business agenda.

Gainers in the US included large technology companies and US aerospace giant Boeing, which announced new orders at the Paris Air Show.

About 10 minutes into trading, the Dow Jones Industrial Average stood at 21,459.33, up 0.4 per cent.

The broad-based S&P 500 climbed 0.5 per cent to 2,445.02, while the tech-rich Nasdaq Composite Index jumped 1.0 per cent to 6,212.88.

Equity markets in Paris and Frankfurt were up about one per cent each after Macron’s centrist party and its allies won 350 seats in the 577-seat National Assembly yesterday.

The election was closely watched in Europe and around the world to see if France’s youngest-ever leader would secure a mandate to push through his pro-EU agenda.

Large technology companies, including Apple, Google-parent Alphabet and Amazon all gained more than one per cent, recapturing some momentum after experiencing some ugly losses over the last two weeks.

Dow member Boeing advanced 0.7 per cent after it unveiled a new plane, the 737 MAX 10, which company executives billed as “the most efficient single-aisle airplane in the skies.”

Boeing announced more than 100 orders worth some US$13.5 billion, although some were customers changing their selection of models from previous orders. — AFP

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