Wall Street propped up by tech, discretionary stocks

Wall Street rose for the first time in three days on Tuesday, helped by technology and discretionary stocks, but weak oil prices limited gains.

The S&P 500 technology sector rose 0.7 percent and gave the biggest boost to the benchmark index, helped by a 1 percent rise in Google parent Alphabet’s stock.

Amazon.com rose 1.3 percent, lifting the consumer discretionary index. JPMorgan raised its price targets on the two stocks.

 The consumer sector also got a boost from a report that showed the consumer confidence index unexpectedly rose to 104.1, marking its highest level since August 2007.”The number came in much better than expected, so consumer stocks seem to be catching a bit after having a hard time for probably a month or two,” said Mark Spellman, portfolio manager at Alpine Funds in New York.

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source: http://www.reuters.com/article/us-usa-stocks-idUSKCN11X184