The latest tech stock to be minted a blue chip surged by 26 percent on Wednesday, making it the biggest gainer in the S&P 500, after giving a profit report for its latest quarter that Wall Street analysts called “stupendous.”Salesforce.com will join the Dow Jones Industrial Average when trading begins on Monday, replacing Exxon Mobil in the measure of 30 blue-chip stocks. Other technology stocks also had a good day, with Adobe up 9.1 percent. Hewlett Packard Enterprise gained by 3.6 percent following its own better-than-expected profit report. Tech stocks in the S&P 500 accounted for more than 57 percent of the S&P 500′s overall gain. It continues a longstanding run on Wall Street, where investors continue to pile into companies that can deliver strong growth even if the economy is weak or quarantined.-AP

Source: The Standard August 27, 2020 03:45 UTC