Dow rises 459 points as tech stocks push markets higher

A sign for Wall Street hangs outside at the New York Stock Exchange on April 20. Stocks were down Friday morning ahead of President Donald Trump's news conference on China. Photo by John Angelillo/UPI

July 6 (UPI) — The Dow Jones Industrial Average rose more than 450 points on Monday as stocks rose sharply behind strong tech stocks to begin the week.

The blue-chip index ended the day up 459.67 percent, or 1.78 percent, while the S&P 500 climbed 1.59 percent and the Nasdaq Composite increased 2.17 percent.

Tech stocks were a major factor driving the market rise on Monday as Amazon stock rose 5.77 percent and shares climbed above $3,000 for the first time and Netflix stock also rose 3.55 percent to an all-time high. Shares of Microsoft, Apple and Google’s parent company Alphabet, also rose more than 2 percent each.

Sunday’s announcement that Duke Energy and Dominion Energy canceled plans to develop the Atlantic Coast Pipeline also affected stocks as Duke stock fell 2.47 percent and Dominion dropped 10.98 percent.

Berkshire Hathaway stock rose 2.43 percent after it purchased Dominion Energy’s natural gas transmission and storage assets.

Uber stock also climbed 6 percent after it acquired food delivery service Postmates.

Markets began the week with a strong showing after the Dow and S&P 500 climbed more than 3.7 percent and Nasdaq gained 5.2 percent last week after a slight rise on Thursday as the Dow gained 92 points.

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