NEW YORK: US technology shares jumped on Thursday on optimism around a speedy economic recovery, although the Federal Reserve’s unexpectedly hawkish message on monetary policy kept the S&P 500 subdued.
Five of the 11 S&P indexes were down in late morning trade, while information technology rose the most among gainers.
Chipmaker Nvidia Corp jumped 5.5%, leading the charge among technology behemoths after Jefferies raised its price target on the stock.
Shares of Apple Inc, Microsoft Corp, Amazon.com Inc and Facebook Inc reversed premarket declines to rise between 0.3% and 1.4% as investors bet that a steady economic rebound would boost demand for their products in the long run.
At 11:44 a.m. ET, the Dow Jones Industrial Average was down 192.50 points, or 0.57%, at 33,841.17 and the S&P 500 was up 2.35 points, or 0.06%, at 4,226.05. The Nasdaq Composite was up 152.87 points, or 1.09%, at 14,192.55.
Interest rate-sensitive bank stocks slumped 3.4% as the longer dated US Treasury yields dropped.