US share prices rise in early trade

US stocks moved higher in early trade on Thursday but some selling pressure continued to dog the technology sector amid worries about overvaluations. Thirty minutes into trade, the Dow Jones Industrial Average was up 58.48 points (0.35 per cent) to 16,577.02. The broad-based S&P 500 added 7.04 (0.37%) to 1,885.25, while the tech-rich Nasdaq Composite Index gained 15.89 (0.39%) to 4,083.56. AT&T led the Dow higher with a 2.4% gain amid signs that DirecTV (-1.8 per cent) might be open to a takeover by the telecom giant. Support for buying came from a sharp fall in weekly jobless claims after a three-week surge, and European Central Bank chief Mario Draghi saying the ECB was prepared to act next month if the eurozone economy continues to sag. Electric sports car maker Tesla plunged 7.8% after its first-quarter report on unit sales and its second-quarter outlook disappointed investors. Tesla reported a net loss for the quarter of $49.8 million on rising costs, but said it had a letter of intent now from Panasonic to participate in its plan to build a $5 billion battery factory. Also leading the tech sector loser column were Facebook (-1.3%), Oracle (-1.2%), and Microsoft (-0.4%). Twitter meanwhile headed the other way, rebounding 1.9% after two days of sharp selling sparked by the end of a blackout period for pre-IPO investors like employees to sell their shares. Bond prices were mixed. The yield on the 10-year US Treasury rose to 2.61% from 2.59% Wednesday, while the 30-year fell to 3.39% from 3.40%, according to AFP.