Tech, industrial stocks lead market to gains ahead of holiday weekend

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The tech-heavy Nasdaq's .IXIC slim 0.66 percent rise is keeping it on course for its seventh straight quarter of gains.

The tech-rich Nasdaq Composite Index, after two bruising sessions, gained 114.22 points (1.64 per cent) to close the week at 7,063.45.

"People are anxious about rising interest rates". "But now clearer heads are prevailing".

Also gaining were tech giants Facebook, up 4.4 per cent and Tesla, up 3.2 per cent. Facebook has been under pressure over a consumer data scandal and Tesla following a fatal vehicle accident California.

"Tech will always lead the charge in a bull market".

Markets seemed preoccupied with more pressing matters but analysts said the rosy report was a double-edged sword, possibly helping encourage the central bank to tighten monetary policy.

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Daniels has also said she will return the $130,000 paid to her by Cohen days before the presidential election, if she needs to. Trump said she is "focused on being a mom and is quite enjoying spring break at Mar-a-Lago while working on future projects".

About 10 minutes into the trading day, the Dow Jones Industrial Average was up 0.1 percent to 23,881.31, while the broad-based S&P 500 was essentially flat at 2,610.50.

Cryptocurrencies got smoked, with many reaching new lows for the year.

Personal consumption expenditures (PCE) price index, excluding food and energy, rose 0.2 percent in February, after a 0.3 percent advance in January. The index, the Federal Reserve's preferred measure of inflation, has been below the US central bank's 2 percent target since mid-2012.

Thursday's run-up in technology stocks signaled that investors believe the sector was oversold in recent weeks, said Sandven, adding that perhaps some it can be explained by some fund managers padding portfolios with stocks to elevate their quarter-end results, what Wall Street calls "window-dressing".

Stocks had jumped earlier in the week as trade war fears ebbed following comments from officials in the United States and China that implied the world's two largest economies would renegotiate tariffs and trade imbalances.

Consumer spending, which accounts for more than two-thirds of US economic activity, increased 0.2 percent last month after a similar gain in January.

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