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By Noel Randewich
(Reuters) – Wall Street finished higher on Monday after a hectic session, with gains in Apple and Apple Other technology stocks offset concerns about a escalating trade war between Washington and its trading partners.
Microsoft Inc. (NASDAQ: MSFT), Facebook Inc. (NASDAQ: FB), and Apple Inc. (NASDAQ: AAPL) each rose 1% or more, pushing the S & P 500 index from the current year. <.splrct> up 0.99%, Investors bet on strong earnings from Silicon Valley during the next quarterly reporting season [11].
"It does not seem like technology will slow down this year," said Jake Dollarhide, CEO of Longbow Asset Management in Tulsa, Oklahoma. "Technology is here to tell."
Traders were also considering the July 6 deadline for US duties on Chinese products of $ 34 billion to be launched, which poses the danger of a strong reaction from Beijing.
The European Union warned the United States that the imposition of import duties on automobiles and auto parts would likely result in countermeasures for $ 294 billion. US exports, while Canada has promised to take punitive measures. "These" tit-a-tat "commercial rates will eventually raise prices for consumers and are likely to dampen product demand," said Jack Ablin, investment manager at Cresset Wealth Advisors in Chicago.
Ablin stated that he was expecting solid profits from US companies for the quarter ended in June, but that profits for the remainder of the year 2018 were likely to be affected by a growing trade war
only three of the 11 main sectors of the S & P 500. Monday, energy fell by 1.55% following a 2% drop in Brent
Wall Street suffered heavy losses early in the session, but
The Dow Jones Industrial Average <.dji> rose 0.15% to end at 24,307.18 points, while the S & P 500 <.spx> gained 0.31% to 2,726.71 points. The Nasdaq Composite <.ixic> added 0.76% to 7,567.69.
On Tuesday, the US stock exchanges will close at 1 pm EDT (17:00 GMT) before the holidays of 4 July, date on which the exchanges will also be closed. While some investors were already taking leave on Monday, the volume of US trade was 6.2 billion shares, compared with 7.3 billion on average over the last 20 trading days
. The Institute of Supply Management said the national plant activity surged last month, likely because steel and aluminum prices have disrupted supply chains. Supply, which has lengthened the life of the factories.
Tesla Inc. (NASDAQ: TSLA) dropped 2.3% after the electric car maker reported reaching its goal of producing 5,000 model 3 sedans a week. Many investors were skeptical about the financial impact of ramping up the production and quality of cars being built. In addition, just before the closing of the market, Tesla said his chief engineer was leaving the company
The shares of the casino companies have fallen as gambling revenues in the Chinese territory of Macau have increased less than expected in June . : WYNN) fell 7.89%, while Las Vegas Sands (NYSE: LVS) fell 6.67% after Bank of America degraded the stock. MGM Resorts (NYSE: MGM) fell 3%.
Dell Technologies went one step further to become a public company with an agreement to purchase the tracking stock of its majority-owned VMware unit. The VMware track (NYSE: DVMT) jumped 9%, while VMware (NYSE: VMW) gained 10.24%.
Rising stocks outperformed the NYSE's downside with a ratio of 1.09%; on the Nasdaq, a ratio of 1.55 to 1 favored the promoters
The S & P 500 posted two new highs of 52 weeks and 11 new lows; the Nasdaq Composite recorded 52 new highs and 70 new lows
(Additional report by Amy Caren Daniel in Bangalore, edited by Nick Zieminski and Leslie Adler)
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