3 weeks ago
Stock Market

Tech Stocks Rise Midday After Trump Touts 5G

Investing.com - Technology stocks rose midday after U.S. President Donald Trump tweeted that he wanted 5G or even 6G

Investing.com - Technology stocks rose midday after U.S. President Donald Trump tweeted that he wanted 5G or even 6G mobile connectivity speeds in America, giving attention to advanced electronic companies.

"I want 5G, and even 6G, technology in the United States as soon as possible," Trump tweeted. "It is far more powerful, faster, and smarter than the current standard. American companies must step up their efforts, or get left behind."

The S&P 500 Information Technology sector rose 0.49%, while Ericsson (NASDAQ:ERIC) gained 0.1% and Qualcomm (NASDAQ:QCOM) dipped 0.25%.

Rogers Corp . (NYSE:ROG), which makes circuit solutions for mobile tech, jumped 12% midday amid the news as its stock target was raised to $160 from $155 by B. Riley FBR, according to Briefing.com.

The company beat on its fourth-quarter revenue results, although it lowered guidance.

“Ahead, fundamental catalysts are China's 5G trial deployments while financial catalysts are a respective 25% and 58% rise in 9- and 18-month EPS from 1Q19 levels,” Briefing.com reported.