Nasdaq Hits Fresh Record On Tech Stocks

Solid gains in tech stocks drove the Nasdaq to a fresh record on Monday as markets shrugged off political turmoil in Europe and a breakdown in trade relations between major economic powers.

Solid gains in blue chips, including retailer Walmart and brewing giant AB-InBev pressed the Dow Jones 0.72 per cent to 24,813.

The S&P 500 added 0.45 per cent to 2,746, while the Nasdaq jumped 0.69 per cent to 7,606. The previous Nasdaq record was 7,588 on March 12.

Tech stocks were boosted by Microsoft's announcement that it will buy software development platform GitHub in a deal worth US$7.5 billion.

Davis Levy of Republic Wealth Advisors said that markets continued to ride on strength in the technology sector.

"The overall leadership has been what we saw for some time with tech stocks," he said.

Meanwhile, he added, "Markets ignored the potential finalisation of trade restrictions and tariffs" by the United States, which has picked a simultaneous trade war with neighbours Mexico and Canada, with Europe and with China. (AFP)