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Overnight Markets: Wall Street advances as tech shares rally

by Himanshu Singh on Apr 09, 2014 at 04:00

Overnight Markets: Wall Street advances as tech shares rally

Wall Street advanced on Tuesday, snapping a three-day losing streak, as investors bought beaten-down social media and Internet shares.

The Dow Jones industrial average rose 10 points or 0.06%, to end at 16,256. The S&P 500 gained seven points or 0.38%, to finish at 1,852. The Nasdaq Composite added 33 points or 0.81%, to close at 4,113.

Technology stocks advanced yesterday, but the gains were capped by a decline in banking stocks. Inc (AMZN.O) was up 2.9%, Yahoo Inc (YHOO.O) gained 2.3% and LinkedIn Corp (LNKD.N) advanced 5.9%.

Financial stocks were in the spotlight as regulators finalised the rule to limit banks' reliance on debt. Under the rule, the eight biggest US banks must raise a total of about $68 billion in capital by 2018 to comply with a new rule designed to prevent another financial crisis.

Goldman Sachs Group (GS.N) fell 1.3% and JP Morgan Chase & Co (JPM.N) slipped 0.3%.

Alcoa Inc (AA.N) kicked off the earnings season after the bell on Tuesday, reporting a first-quarter loss due to a restructuring charge. But the stock jumped more than 2% in extended-hours trade.

Retailer Bed, Bath & Beyond (BBBY.O) is scheduled to report earnings on Wednesday, while banks JP Morgan Chase and Wells Fargo & Co (WFC.N) will release results on Friday.

Biotechnology stocks oscillated between gains and losses on Tuesday. Gilead Sciences Inc (GILD.O) was among the S&P 500's biggest decliners, down 3.1%.

In Asia, shares gained on Wednesday in morning trade as consumer companies advanced. Japanese equities declined after the yen rose the most since August.

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