Tech Higher as Traders Chase Momentum -- Tech Roundup

Features Dow Jones Newswires

Shares of tech companies rose as traders chased the upward momentum.

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Amazon.com's stock price breached $1,000 for the first time Tuesday, the latest sign of how technology stocks have dominated trading this year. Issues on the Nasdaq Composite have risen almost 20% on average while mega cap tech stocks such as Amazon and Apple have risen more.

The multibillion dollar bet that traders have made on Apple's latest iPhone as a "Supercycle" is likely to play out, according to one brokerage. The new phone could succeed in "accelerating upgrades and share gains from Android," said analysts at brokerage Morgan Stanley, in a note to clients.

Uber Technologies said it fired Anthony Levandowski, the driverless-car executive at the center of its legal battle with Google parent Alphabet.

Rob Curran, rob.curran@dowjones.com

(END) Dow Jones Newswires

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May 30, 2017 17:05 ET (21:05 GMT)