Markets rebound as Dow gains 116 points, tech stocks propel

Jan. 19 (UPI) — The Dow Jones Industrial Average rose more than 100 points as major indexes rebounded from losses last week.

The blue-chip index climbed 116.26 points, or 0.38%, the S&P 500 gained 0.81% and the Nasdaq Composite ended the day up 1.53%.

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Tech stocks helped to propel the Nasdaq higher as Facebook gained 3.87%, Alphabet increased 3.29%, Microsoft rose 1.78%, Apple grew 0.54% and Amazon closed up 0.53%.

Markets also responded to comments by Janet Yellen, President-elect Joe Biden’s nominee for treasury secretary, during her Senate confirmation hearing. Yellen called for the federal government to take further action to boost the economy hit by the COVID-19 pandemic.

“Neither the president-elect, nor I, propose this relief package without an appreciation for the country’s debt burden. But right now, with interest rates at historic lows, the smartest thing we can do is act big,” Yellen said. “I believe the benefits will far outweigh the costs, especially if we care about helping people who have been struggling for a very long time.”

Tuesday also saw early earnings reports. Goldman Sachs exceeded analysts’ expectations, reporting quarterly revenue of $11.74 billion, up 18% from the previous year, and net income of $4.5 billion, a 135% increase from the fourth quarter of 2019.

Goldman Sachs stock fell 2.3% as traders opted for profits.

Bank of America stock also fell 0.73% after its earnings fell short of expectations.

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