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(Reuters) – The S & P 500 index has seen a slight rise in recent weeks as a bruised tech sector was picking up and as industrial stocks were gaining hope for an agreement between China and the United States. Losses on Boeing Co and disappointing energy stocks limited gains on the Dow.
The S & P technology index rose 0.7%, but Apple's shares edged down 0.1% after falling 5% on Monday.
Goldman Sachs has canceled earnings forecasts for the iPhone after several Apple suppliers had warned of a negative impact on the results, signaling a drop in demand for its phones.
Investors were widely impressed by the signs of progress in trade talks with China, after Larry Kudlow, the Trump government's chief economic adviser, said Washington had once again talked about trade with Beijing, calling it "a very serious development." positive".
Chinese President Xi Jinping and US President Donald Trump plan to meet on the sidelines of the G20 summit held in Argentina in late November, and investors hope for a positive result after the two countries have opposed each other's tariffs, financial markets in decline since the beginning of the year.
"The market will certainly accept a trade deal at the end of the month and it did not show much at that price," said Matthew Miskin, market strategist at John Hancock Investments in Boston.
The trade-sensitive industrial sector grew by 1.3%, the highest rate among the main S & P sectors, followed by a 1% gain for the financial sector.
This was offset by losses in the energy index, which fell 1.4%, as oil prices dipped by more than 5%, due to lingering concerns about the price of energy. 39, weakening of global demand and overproduction. [O/R]
"You start to worry that energy companies and their debt are not at risk, but, on the plus side, a drop in gas prices could mean that consumers will have more money to spend in stores as the holidays approach, "Miskin added.
At 1:07 pm The Dow Jones Industrial Average was down 16.40 points, or 0.06%, to 25,370.78, the S & P 500 up 8.17 points, or 0.30%, to 2,734 points , 39 and Nasdaq Composite up 43.91 points, or 0.61%, to 7,244.78.
The Dow was weighed down by Boeing Co shares, which lost 1.7% on worries over the deadly crash of the 737 MAX, the newest jet plane, last month, operated by the Indonesian Lion Air group.
Home Depot Inc. dropped 0.5% after the refurbishment chain reported a slowdown in the US housing market and said impending rates could raise prices and weigh on demand.
General Electric Co's shares rose more than 10% after the conglomerate unveiled a plan to raise about $ 4 billion by accelerating a proposed equity sale by oil services provider Baker Hughes.
Increasing issues outperformed declining numbers, with the NYSE's ratio of 1.54 to 1 and Nasdaq's ratio of 1.79 to 1.
The S & P index recorded seven new highs over 52 weeks and seven new lows, while the Nasdaq recorded 13 new highs and 106 new lows.
(Report by Sruthi Shankar in Bengaluru, edited by Shounak Dasgupta)
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