Nasdaq reached a record milestone on Tuesday as technology stocks continued to gain ground amid declining Covid-19 cases and further progress in fiscal stimulus.
The Dow Jones industrial average rose 0.13%, or 41 points. The S&P 500 index rose 0.05% and the Nasdaq Composite 0.31%.
Twitter led profits in the technology sector by as much as 4% as Wall Street spoke of the company’s social media revenue on Tuesday after the market closed. “We expect Twitter’s Q4 results to exceed consensus revenue estimates due to higher consecutive second-quarter advertiser demand and audience monetization,” Wedbush said in a note.
Shares of Electronic Arts rose 3% after the company announced an agreement to buy Glu Mobile for $ 2.4 billion. The merger is expected to expand EA’s mobile business and diversify its mobile gaming offering.
DISH Network was also among the biggest “winners” – their profits reached 2% more than the profits planned for February 17.
Energy stocks came under pressure following the decline of oil companies Exxon Mobil and Occidental Petroleum and oil field service provider TechnipFMC.
Stock sentiment was also supported by the continuing decline in coronavirus cases in the US and the acceleration of vaccine delivery, which is likely to lead to reopening faster than expected.
The United States reported fewer than 100,000 new cases on the second Monday in a row, and the number of hospitalizations continued to decline. The Biden administration is set to increase deliveries of vaccines sent directly to countries by 5% next week as Pfizer and Moderna increase production.