Technology shares were higher amid optimism over growth prospects.
After reporting its best quarterly growth in two years last week, Apple shares rose to a new high, making the iPhone maker the first public U.S. company to ever reach a market value of $900 billion. It now needs to grow its market capitalization by just 11% to become the first public company worth $1 trillion.
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Shares of Snap tumbled after its quarterly results fell short of expectations. Shares were down as much as 20% in after-hours trading Tuesday, but declines were pared after the company disclosed that Chinese tech giant Tencent Holdings bought a 12% stake. Tencent, an early pre-IPO backer of Snap, acquired roughly 146 million of its shares in the market, Snap said in a filing Wednesday. The purchase adds to an investment Tencent made in Snap in 2013 during a fundraising round before the company went public.
-By Amy Pessetto, firstname.lastname@example.org
(END) Dow Jones Newswires
November 08, 2017 17:53 ET (22:53 GMT)