NEW YORK: Petroleum-linked shares rallied on Wednesday while pharma companies were under pressure as Wall Street stocks finished the session little changed.
Investors are hoping that G20 talks between US President Donald Trump and Chinese President Xi Jinping will yield progress toward resolving the year-long trade dispute.The broad-based S&P 500 shed 3.60 points to settle at 2,913.78, while the tech rich Nasdaq Composite Index climbed 25.26 points to 7,909.97.Sales of US durable goods fell 1.3 per cent to US$243.4 billion in May, US data showed, with the crisis involving the Boeing 737 MAX weighing on the figures.
Chip companies were another strong sector following a healthy earnings report from Micron Technology, which surged 13.3 per cent after reporting better-than-expected third-quarter earnings. An exception among drug producers was AbbVie, which jumped 3.5 per cent a day after unveiling a US$63 billion takeover of Allergan. Shares of AbbVie had fallen sharply on Tuesday following the announcement.
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