Stocks on Wall Street notched broad gains Wednesday as investors drew encouragement from China’s move to exempt some U.S. products from a recent round of tariffs.
Wednesday’s push into technology stocks marked a reversal from the prior two days, when traders bid up energy, financials and other sectors that had sold off in recent weeks. The tech sector is particularly sensitive to fallout from the U.S.-China trade war because many big companies, such as Apple, manufacture products in China.“Today you have a little bit of a rotation back,” said Rob Haworth, senior investment strategist at U.S. Bank Wealth Management.
The Russell 2000 index of smaller-company stocks outpaced the broader market, jumping 32.72 points, or 2.1%, to 1,575.71.The trade war has roiled financial markets this summer. Investors worry that the effects of tariffs and a slowing global economy could tip the United States into a recession. The economic uncertainty has also become a drag on companies.
Investors continue to expect the Federal Reserve will cut interest rates at its meeting next week to help maintain U.S. economic growth. In July, the central bank lowered its benchmark interest rate by a quarter of a point. That was its first cut in a decade. The S&P 500 is up 0.7% for the week, and the Nasdaq is up 0.8%. The Dow is slightly stronger, with a 1.3% gain.Apple was among the big gainers Wednesday as investors snapped up technology stocks. Shares in the iPhone maker, which unveiled new products and services Tuesday, climbed 3.2%. Chipmaker Intel gained 1.9%.The financial sector wobbled between small gains and losses after pulling out of an early slide. Wells Fargo added 1.1%. Real estate stocks finished flat.
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