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By Shreyashi Sanyal
(Reuters) – A rise in Apple drove a rebound in tech stocks and boosted the three major stock indexes on Thursday, while business concerns eased after China declared it open to new opportunities. negotiations with the United States.
The Dow Jones Industrial Average has reached its highest level since February 1 and is about 2% of its historic record of January 26. The S & P 500 and the Nasdaq had already surpassed their January highs and reached highs in the previous weeks. .
The technology sector climbed 1.11% on the day, with the largest number among the top 11 sectors of S & P, boosted by Apple's 2.5% jump.
Apple, which said the tariffs could touch a "wide range" of its products, fell 1.2% Wednesday by unveiling its largest iPhone, but has made only small changes to its range.
"It's a risky environment today and if the risk is real, the technology will certainly lead," said Michael Antonelli, managing director, institutional sales trading at Robert W. Baird. in Milwaukee.
The Trump administration urged Wednesday Beijing to revive trade negotiations, even as Washington was preparing to impose tariffs of $ 200 billion on Chinese products. The timing of negotiations remains unclear and President Donald Trump said that there was no pressure to reach an agreement.
The trade-sensitive industrial sector nevertheless grew by 0.39%. Caterpillar gained 0.7% and Boeing 0.8%.
US consumer prices rose less than expected in August and underlying inflationary pressures also seemed to be slowing, according to a report by the US Department of Labor.
"The inflation data is a net positive for the markets and this should not change the Federal Reserve's decision regarding two further rate hikes this year," added Antonelli.
At 11:24 am ET, the Dow Jones Industrial Average rose 100.78 points, or 0.39%, to 26,099.70, the S & P 500 by 10.84 points, or 0.38%, at 2,899.76 and Nasdaq Composite at 58.01 points, or 0.73%. at 8,012.24.
Three S & P sectors were trading lower, as energy inventories fell 0.39% as oil prices fell from near-four-month highs.
Qualcomm grew 3.9% after the chip maker announced it would buy back about $ 16 billion of its stock.
The chip makers rebounded after a fall on Wednesday, as the Philadelphia semiconductor index rose 1.6%.
Kroger slipped 9.5%, the highest figure on the S & P, after comparable store sales in the supermarket chain missed estimates as customers were put off by changes in the way they stored their goods.
Increasing issues outperformed the decline rates by a ratio of 1.53 to 1 on the NYSE and a ratio of 1.25 to 1 for the Nasdaq.
The S & P index posted 52 new highs of 52 weeks and two new lows, while the Nasdaq recorded 96 new highs and 33 new lows.
(Report by Shreyashi Sanyal in Bengaluru, edited by Shounak Dasgupta and Arun Koyyur)
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