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The S&P and the Nasdaq inched towards a record on the back of high-flying technology trio of Apple, Amazon and Microsoft.

The tech-heavy index was up 0.33 per cent at 7,914.22, a quarter of a percent away from hitting an all-time high.

The technology sector has been at the center of a sharp recovery in U.S. stocks since a market rout in February. The S&P is also less than half a percent shy of the record it hit in late January.

Shares of Apple rose 1 per cent, while those of Amazon were up 0.8 per cent and Microsoft 0.4 per cent.

“There is low volatility in the markets as the S&P and Nasdaq are just below all-time record highs, and it seems like markets are complacent right now,” said Tom White, chief market strategist at TradeWise Advisors, in Chicago, Illinois.

“It’s a risk-on trade. Investors are more comfortable with FAANG stocks and technology as far as valuations go, and these stocks have higher margins.”

The gains come as the latest data pointed to the strength in the labor market, underscoring the health of the economy despite ongoing trade tensions.

The number of Americans filing for unemployment benefits unexpectedly fell last week, a Labor Department report showed.

The Dow Jones Industrial Average was the only laggard among the three major indexes. It was down 29.07 points, or 0.11 per cent, at 25,554.68.

The S&P 500 was up 0.59 points, or 0.02 per cent, at 2,858.29.

Seven of the 11 major S&P sectors were higher, with the materials sector leading the gains as aluminum prices rose.

The energy sector was the biggest loser, dragged down by Occidental Petroleum, the largest Permian producer, which boosted its capital expenditure.

Bookings Holdings fell 5.9 per cent and weighed the most on the S&P and the Nasdaq after it forecast third-quarter profit below expectations.

Sinclair dropped 2.9 per cent after Tribune Media dropped its $3.9 billion deal to be acquired by Sinclair and filed a lawsuit against the company for breach of contract. Tribune shares rose 2.9 percent.

Rite Aid fell 9.5 per cent and was the most actively traded stock after the drug store chain and U.S. grocer Albertsons Cos agreed to terminate their merger agreement.

Chip stocks fell after Morgan Stanley downgraded the U.S. semiconductor industry, saying upside to estimates is difficult to come by. Micron, Applied Materials and ON Semiconductor fell between 1.8 percent and 2.4 percent.

Canada’s main stock index rose on Thursday, as energy shares bounced back on higher oil prices and Saudi Arabia reassured Canada on oil supplies following an ongoing diplomatic dispute.

At 1:11 p.m. ET, the Toronto Stock Exchange’s S&P/TSX Composite index was up 108.58 points, or 0.67 per cent, at 16,423.66. All of the index’s 11 major sectors were higher.

The energy sector climbed 0.3 per cent as oil rose after the first round of U.S. sanctions against Iran came into effect.

The materials sector, which includes precious and base metals miners, added 0.9 per cent as gold prices steadied and aluminum prices gained.

The financials sector gained 0.8 per cent.

Two of Canada’s biggest insurance companies, Sun Life Financial Inc. and Manulife Financial Corp, on Wednesday reported second-quarter earnings which beat market expectations, benefiting in part from strong growth in Asia.

Shares of Manulife gained 2.1 per cent, however shares of Sun Life fell 0.5 per cent after analysts expressed concern about the performance of its U.S. asset management business, MFS Investment Management..

Reuters

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Tickers mentioned in this story

Study and track financial data on any traded entity: click to open the full quote page. Data updated as of 28/03/24 4:00pm EDT.

SymbolName% changeLast
MFC-T
Manulife Fin
+1.2%33.83
OXY-N
Occidental Petroleum Corp
+1.23%64.99
AAPL-Q
Apple Inc
-1.06%171.48
SLF-T
Sun Life Financial Inc
+0.15%73.91
PXT-T
Parex Resources Inc
+0.56%21.64
MSFT-Q
Microsoft Corp
-0.17%420.72
AMAT-Q
Applied Materials
-0.85%206.23

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