Wall Street Higher Led by Technology Stocks

On Monday Wall Street closed higher, with the S&P technology index gaining 0.6 percent.

The Dow Jones Industrial Average gained 0.16 percent, up 38.09 points.

The S&P 500 gained 0.38 percent, up 10.25 points at 2,680.39, out of the 11 major S&P sectors, the technology index was the major performer up 0.6 percent.

The Nasdaq Composite gained 0.55 points, up 39.50 points at 7,185.63.

Concerns of Debt and Inflation

Market participants are concerned over the increasing government debt as oil and commodity prices climb resulting in increasing inflation.

The 10 year U.S. Treasuries yield edged to the 3 percent level, hitting a four year high of 2.998 percent on Monday.

Regional investment strategist at U.S. Bank Wealth Management, Jeff Kravetz said that earnings have been good pushing up stocks, so it won’t have too much of a negative effect if the 10 year yield reaches the 3 percent level.

Until it reaches 4 percent he is of the opinion that bonds will not be competition for stocks.

Analysts Are Optimistic

The equity market sell-off in February was triggered by rising yields. Market strategists are of the opinion that investors will overlook this trend this time around because of the strong earnings.

Strong Earnings for 1st Quarter

Expected strong earnings for the 1st quarter by S&P 500 companies are expected to rise 19.9 percent, making it the strongest in seven years.

According to news reports, stronger than expected first quarter results are expected as markets wait for the results of some of the giants in technology to issue their reports.

Microsoft, Amazon, Facebook, Intel and Alphabet are expected to announce their reports later on Monday after markets close.

Shares of aluminium companies fell, after the U.S. imposed sanctions on aluminium giant Rusal in Russia.

Biggest Losers on the S&P

Arconic shares tumbled 3.3 percent and Alcoa plummeted 11.5 percent.

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