Wall Street progresses as China expands trade

NEW YORK (Reuters) – Toll-sensitive technological and industrial stocks pushed Wall Street up after China extended an olive branch in anticipation of trade talks with the United States next month.

Apple Inc (AAPL.O) led the charge, supporting the three major trading averages the day after it unveiled its latest iPhone update and announced the launch date of its Apple TV + streaming service. Its shares gained 2.6%, raising the value of the company above the $ 1 trillion mark.

Dow, who was first-rate, was on the verge of winning his sixth consecutive daily advance.

China has announced tariff exemptions for a basket of US goods, an approach considered by many investors as a gesture of good faith a few days ahead of the talks scheduled to resolve the long-running trade war that has shaken markets and hindered trade. global economies.

However, a senior White House advisor urged investors to be patient in order to reduce expectations for next month's trade talks in Washington.

"There is an element of improved business optimism," said Chuck Carlson, managing director of Horizon Investment Services in Hammond, Indiana. "But the most important element is what we have seen in recent days, when investors are more willing to invest more money in the value of the equation."

"Seeing value (having stocks) with good days is a testament to this idea of ​​improving the size of the market," added Carlson.

In a series of morning tweets, President Donald Trump urged the US Federal Reserve to cut interest rates into negative territory, which is generally considered an ultimate effort to revive lazy economies.

"This is the friction that rages between Trump and the Fed," said Mark Luschini, chief investment strategist at Janney Montgomery Scott in Philadelphia. "For the moment, the market (…) still believes that the Fed will act independently and not be politicized, no matter what Trump or his tweets."

Markets are still waiting for the Fed to cut interest rates by 25 basis points at the end of its monetary policy meeting next week.

US Treasury yields rose for the third consecutive session before the meeting of the European Central Bank (ECB).

The .JJI index of the Dow Jones Industrial Average rose 139.52 points, or 0.52%, to 27,048.95, the S & P 500 .SPX index of 13.42 points, or 0.45%, to 2,992.81 and the Nasdaq composite index .IXIC added 63.58 points, or 0.79%, to 8,147.73.

Of the top 11 sectors in the S & P 500 Index, all sectors, except Energy and Real Estate .SPLRCR, were in black.

Chipmaker Micron Technology Inc (MU.O) rose 2.0% after Longbow Research upgraded the title to "buy".

The .SOX of Philadelphia SE Semiconductor Index increased by 1.1%.

Baker Hughes, Oilfield Services Company, A GE Co (BHGE.N) recorded the largest percentage decline in the S & P 500, at 6.1%, following the announcement that the parent company, General Electric (GE.N) would sell $ 3 billion of Baker Hughes shares, resulting in the loss of GE's controlling interest.

Positive commercial news has sent shares of Boeing Co (PROHIBIT) 3.4% higher, bringing the biggest boost to the Dow. The planner is the largest US exporter in dollars.

Increasing issues outnumbered NYSE declines by a ratio of 2.18 to 1; on Nasdaq, a ratio of 2.75 to 1 favored advances.

The S & P 500 has recorded 22 new highs over 52 weeks and no new lows; Nasdaq Composite recorded 47 new highs and 11 new lows.