Business

US markets rise on banks and tech stocks

NYSE traders Image copyright Reuters

(Close): US markets reached fresh intra-day records, lifted by technology and banking stocks.

The Dow Jones was up 16.5 points to 18,533, the S&P 500 gained 5.15 points to 2,166.8, while the Nasdaq rose 26.1 to 5055.7 points.

Bank of America shares rose 3.3% despite a 19% drop in quarterly profits, which still beat expectations.

Shares of other US banks also rose, with Citigroup climbing 0.5% and Wells Fargo up 1.2%.

Technology stocks also rose on Monday.

Apple shares gained 1.1%, Google's parent company Alphabet rose 2.4% and Facebook was up 2.2%.

Streaming service Netflix climbed 0.4%, but plunged 16% in after-hours trading after missing subscriber targets in the second quarter following price rises.

Yahoo shares added 0.6% ahead of second quarter results.