US stocks close higher, tech shares lead gains

New York, Feb 11 (IANS) US stocks closed higher boosted by heavyweight technology shares.

The Dow Jones Industrial Average increased 174.31 points, or 0.60 per cent, to 29,276.82 on Monday. The S&P 500 increased 24.38 points, or 0.73 per cent, to 3,352.09. The Nasdaq Composite Index was up 107.88 points, or 1.13 per cent, to 9,628.39, Xinhua reported.

Amazon shares rose 2.63 per cent to $2,133.91 apiece, hitting a record high. Alphabet and Netflix rose 1.99 per cent and 1.17 per cent, respectively.

Most of the 30 Dow component companies traded in green territory, with Microsoft and Boeing gaining 2.62 per cent and 2.35 per cent, respectively, leading the gainers.

Ten of the 11 primary S&P 500 sectors traded higher with technology adding 1.35 per cent, leading the advancers.

Michelle Bowman, a member of the Board of Governors of the Federal Reserve System, said Monday the current setting of the central bank's monetary policy should help the US economy continue to grow.

The Fed lowered interest rates three times in 2019, cutting the target range of the federal funds rate by 75 basis points to 1.5-1.75 per cent.