NEW YORK - Wall Street extended its rally in afternoon trading on Thursday as upbeat earnings and strong economic data put investors in a buying mood, with technology companies leading the charge.
While the escalating U.S.-China tariff war continued to be a concern for market participants, upbeat quarterly results and data pointing to a strong U.S. economy helped ease trade-related jitters.Cisco Systems jumped 7.2% and shares were on track for their biggest percentage gain since February 2016 after better-than-expected quarterly results.
Washington placed Huawei Technologies Co on a blacklist which bans it from acquiring components and technology from U.S. firms without prior approval.Shares of Huawei suppliers Qorvo Inc, Skyworks Solutions Inc, Qualcomm Inc, Xilinx Inc and Micron Technology Inc were all trading lower on the news.Electric automaker Tesla Inc dropped 1.3% following safety agency reports that the Autopilot feature was engaged during a fatal crash in Florida in March.
All 11 major sectors in the S&P 500 were trading in positive territory, with materials and interest rate-sensitive financials seeing the largest percentage gains as Treasury yields rose on upbeat economic data.
So obvious the dip earlier this week. Modern age price fixing and over hype. Next week it will dip due China finding cheese on the moon.
I thought the economy under Trump was supposed to collapse. Just keeps getting better. Trump2020
Is this a buying moment?
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Source: Reuters - 🏆 2. / 97 Read more »
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