US STOCKS-Tech leads Nasdaq, S&P 500; Disney sparks media selloff
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By Rodrigo Campos
Aug 5 (Reuters) - The S&P 500 and Nasdaq Composite rose on Wednesday following three days of losses as tech shares advanced, while the blue-chip Dow index ticked lower, weighed by Disney's largest daily drop in almost seven years.
Gains in major tech companies Google and Facebook led the advance on the Nasdaq. Apple added 0.7 percent to $115.40, up for just the second session in the last 12. The S&P 500 tech sector gained 1 percent, its best daily performance in three weeks.
"There's been a sector rotation into technology because of the improvement in their earnings expectations," said Chad Morganlander, portfolio manager at Stifel, Nicolaus & Co in Florham Park, New Jersey.
Earnings in the technology sector of the S&P 500 are expected to have grown 5.3 percent in the second quarter, up from a 2.1 percent increase expected back on July 1, according to the most recent Thomson Reuters I/B/E/S data.
The market's advance is, however, "a modest bounce back after discernable pressure over the last trading sessions," Morganlander said. He cited deceleration in the Chinese economy as a continuing headwind for stocks, specifically commodities-related sectors. Continuación...