Wall Street rebounds as investors escape trade tensions

NEW YORK (Reuters) – Wall Street rebounded on Tuesday in a broad recovery, as investors dismissed the intensification of commercial rhetoric between the United States and China.

The three leading US indices closed higher after Monday's liquidation.

Last Monday, US President Donald Trump announced that 10% of China's $ 200 billion import tariffs would come into effect next week, exacerbating trade between the two largest oil companies. economies of the world.

China reacted Tuesday by unveiling 10 percent tariffs on about $ 60 billion worth of US goods as of Sept. 24.

"Initially, they were talking about rates in the range of 20 to 25 percent, and they were down to 10 percent," said Stephen Massocca, senior vice president at Wedbush Securities in San Francisco. "Maybe these numbers will not be as bad as we originally thought."

"There is much more pressure on the Chinese to reach an agreement than on the United States," said Massocca.

The .SPLRCT technology stocks were strengthened by Apple Inc. news (AAPL.O) and the fitness gadget manufacturer Fitbit Inc (FIT.N) would escape the tariffs. Apple's shares closed up 0.2%, while Fitbit's shares rose 6.4%.

Trade-sensitive manufacturers .SPLRCI gained ground with Boeing Co (PROHIBIT) ending 2.1 percent more. The planner, the largest US exporter in China, led the advance of the Dow Jones Industrial Average.

Nike Inc (NKE.N) also boosted the benchmark while Telsey Advisory Group raised its price target. The stock reached a historic high, up 2.4%.

The Dow Jones Industrial Average rose 184.84 points, or 0.71%, to 26,246.96, the S & P 500 .SPX gained 15.51 points, or 0.54%, to 2,904.31 and the Nasdaq Composite .IXIC has added

Consumer Discretionary .SPLRCD was the best-performing of the 11 largest S & P 500 sectors, up 1.3%.

The .SPNY energy sector advanced 0.7 percent as crude LCoC1 prices rose on signs that OPEC was not ready to increase production to cope with reduced supplies of crude oil. from Iran.

Among the losers, Tesla Inc (TSLA.O) sank 3.4% after it revealed that it had received a request for US Department of Justice documents regarding public statements by Chief Executive Elon Musk on privatization of the company.

Marsh & McLennan Insurer (MMC.N) slipped 4.0% following the announcement of the acquisition of British insurance and reinsurance broker Jardine Lloyd Thompson (JLT.L) for $ 5.7 billion.

Defensive groups lagged as basic consumer goods .SPLRCS lost 0.4%. General Mills Inc (GIS.N) fell 7.6% after missing analysts' quarterly sales estimates, continuing the year-to-date decline of the packaged food company by almost 26%.

The progression of the problems is higher than that of the securities falling on the New York Stock Exchange by a ratio of 1.35 to 1; on the Nasdaq, a ratio of 1.42 to 1 favored advances.

The S & P 500 recorded 39 new 52-week highs and three new lows; The Nasdaq Composite recorded 58 new highs and 83 new lows.

Trade volume in the United States was 6.39 billion shares, compared with an average of $ 6.20 billion for the full session of the last 20 trading days.