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Overnight Markets: Tech shares lead Wall Street to record highs

Healthcare stocks also rose after bullish results from medical device maker Medtronic.

 
Overnight Markets: Tech shares lead Wall Street to record highs

US stocks jumped on Tuesday, closing at fresh record highs, led by gains in this year’s top-performing technology sector.

The Dow Jones Industrial Average rose 161 points, or 0.69%, to 23,591, the S&P 500 gained 17 points, or 0.65%, to 2,599 and the Nasdaq Composite added 72 points, or 1.06%, to 6,862.

The S&P technology index gained 1.2%, helped by a nearly 1.9% rise in Apple (AAPL.O) and 1.4% advance in Microsoft. The index has risen 38.6% this year, by far more than any other sector. The S&P 500 is up 16.1% for the year so far.

Healthcare stocks also rose after bullish results from medical device maker Medtronic (MDT.N), whose shares gained 4.8% after the company reported better-than-expected results and backed its full-year forecast.

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

Signet Jewelers (SIG.N) tanked 30.4% after reporting a surprise quarterly loss, pulling down Tiffany (TIF.N) 0.8%.

Elsewhere, Time Warner rose 2.1% a day after the Justice Department sued to block AT&T's proposed $85 billion (S$115 billion) takeover due to antitrust concerns.

AT&T, which fell 0.9%, maintains the deal should go through because the proposed transaction is a "vertical" merger and AT&T and Time Warner do not directly compete.

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.

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

In Asia, share markets gained in morning session on Wednesday, taking overnight cues from Wall Street.

Australia's ASX 200 was up 0.37%, with most sectors advancing. Japan's Nikkei 225 gained 0.84% in morning trade, while the Topix was up 0.56%. In South Korea, the Kospi rose 0.23%.

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