Business

Wall Street stocks rise on tech outlook

NYSE traders Image copyright Reuters

(Closed): US markets rose on Thursday led by technology shares after the strong debut of software firm Twilio.

Twilio's shares jumped 91% on their first day of trading.

The strong showing has raised hopes that other "unicorns" - start-ups valued at more than $1bn - will also raise money on the stock market.

The Dow Jones Industrial Average climbed 230.24 points to 18,011.07, while the S&P 500 was up 27.87 to 2,113.32.

The tech-heavy Nasdaq composite gained 76.72 points to 4,910.04.

Tech stocks were generally up.

Data storage company Western Digital rose 5%. Micron Technology the maker of computer chips climbed more than 10%.

Shares in Macy's rose 1.7% after it said chief executive Terry Lundgren would step down in the first quarter of 2017.

Mr Lundgren has been chief executive of the retailer since 2003. He will be replaced by Macy's president Jeff Gennette, Macy's president.

US banks also saw gains. Shares of Bank of America rose 3.2%, while Citigroup climbed 4.2% and JPMorgan was up 2.1%.