Tech gains help propel Wall Street to record highs

US STOCKS-Tech gains help propel Wall Street to record highs

Tech gains help propel Wall Street to record highs

The majority of US stocks managed to close at a higher note today as the news roaming around about the tax cut boosting the local economy goes astray and exuded great positivity for both the market and the investors.

Medtronic rose 5.3 percent, making it the top gainer on the S&P 500, after the medical device maker reported better-than-expected results and backed its forecast.

US stocks jumped and indexes hit record highs on Tuesday, led by gains in this year's top-performing technology sector.

The health care sector (+0.9%) also outperformed, led by Medtronic, which jumped 4.8% after reporting better than expected quarterly profits and reaffirming full-year guidance.

The S&P technology index gained 1.2%, helped by a almost 1.9% rise in Apple (AAPL.O) and 1.4% advance in Microsoft. The index has risen 38.6 percent this year, by far more than any other sector.

It was a record-setting session on Wall Street today.

Facebook Messenger will now send your photos in 4K
So Facebook might have introduced a new algorithm to reduce the file size or something like that. Moreover, Facebook explains even the high-resolution photos will be sent just as quickly before.

Investors were also encouraged by the prospect of the country' s tax reform plan.

With the third-quarter earnings season winding down and no major economic data in sight, trading activity slowed ahead of Thursday's Thanksgiving holiday.

REUTERS/Brendan McDermidThe Dow Jones Industrial Average.DJI rose 160.36 points, or 0.68 percent, to 23,590.69, the S&P 500.SPX gained 16.91 points, or 0.65 percent, to 2,599.05 and the Nasdaq Composite.IXIC added 71.76 points, or 1.06 percent, to 6,862.48.

Shares of Urban Outfitters (URBN.O) gained 3.7% while Hormel Foods (HRL.N) was up 3.4%.

Advancing issues outnumbered declining ones on the NYSE by a 2.10-to-1 ratio; on Nasdaq, a 1.92-to-1 ratio favored advancers.

Lowe's, a home-improvement retailer, fell 1.1% after reporting that third-quarter revenues rose 6.5% to $15.7 billion, boosted in part by hurricane-related spending.

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