Technology companies powered stocks broadly higher on Wall Street on Thursday, driving the S&P 500 to its best day in more than two months and erasing its losses for the week.
The absence of new worrisome turns in the U.S.-China trade tussle may have also helped keep investors in a buying mood Thursday.The S&P 500 index rose 54.11 points, or 1.9%, to 2,938.09. The index has risen for three straight days. President Trump spooked the markets last week when he threatened to impose 10% tariffs on all Chinese imports that haven’t already been hit with tariffs of 25%. China retaliated on Monday and allowed its currency, the yuan, to weaken against the U.S. dollar. China stabilized the yuan on Tuesday and that helped lift U.S. stocks following their worst day of the year.Before Monday’s 3% drop for the S&P 500, the stock market hadn’t seen a loss of even half that size since mid-May.
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