Wall St opens higher as tech stocks bounce back

US stock indexes follow global markets higher, led by tech

Resurgent tech stocks lift US indexes to records

US stocks opened higher on Monday, with the Dow Jones Industrial Average hitting a record high, as investors snapped up beaten down technology stocks. While the German DAX Index surged up by 1.1 percent, the French CAC 40 Index and the U.K.'s FTSE 100 Index advanced by 0.9 percent and 0.8 percent, respectively.

The tech sector's 1.37 percent rise led the gainers on the S&P 500, putting it on track for its biggest one-day percentage rise since March. Alphabet, Apple, Facebook and Netflix also performed well.

Amazon was up 0.8 percent, while Wal-Mart, Target and Kroger gained between 0.8 percent and 1.8 percent on Monday.

The Dow Jones Industrial Average (DJIA - 21,528.99) rallied 144.7 points, or 0.7%, to end at a record high. The Nasdaq lost 0.9% last week and 1.6% the week previous.

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Biotechnology company Rigel Pharmaceuticals (RIGL) may also see early strength on news the FDA has accepted its application for the use of Tavalisse in patients with chronic or persistent immune thrombocytopenia.

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Retail stocks were battered on Friday after Amazon.com's $13.7 billion deal to buy upscale grocer Whole Foods.

The Fed commentary last week had surprised investors who expected more caution after some weak USA economic data. Amazon rose as much as 2.9 percent to an all-time high of $1017.

Last month, the US economy added 138,000 jobs, well below the expected gain of 185,000, while other data showed a fall in retail sales and inflation below the Fed's target of 2 percent.

The Standard & Poor's 500 index rose 10 points, or 0.5 percent, to 2,444.

Clovis Oncology soared 47 percent to $87.90 after the biotechnology company's ovarian cancer drug was set for a label expansion.

Advancing issues outnumbered decliners on the NYSE by 1,717 to 870. With the upward move on the day, the Dow and the S&P 500 both climbed to new record closing highs.

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