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Stocks - Wall Street Gains as Trade Tensions Ease a Little

Stock Markets Oct 09, 2019 05:16PM ET
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Investing.com – U.S. stocks surged Wednesday as investors hoped for good news ahead of a resumption of U.S.-China trade talks.

There was a little good news as Bloomberg reported China was open to a partial deal.

The S&P 500 was up 0.91%, thanks in part to gains for its two biggest components, Microsoft (NASDAQ:MSFT) and Apple NASDAQ:AAPL), and strength in tech and energy stocks overall.

The Nasdaq Composite gained 1.02%, and the Dow Jones industrials rose 0.7%, or 182 points. At one point, the blue chips were up more than about 260 points before profit-taking set in. The Dow's finish was off about 30% from its peak. The S&P 500's close was about 26% below its peak.

Activity was light on Wall Street as many traders had taken the day off for Yom Kippur.

The rally was set off by a report China was open to a number of trade measures, including boosting purchases of U.S. farm products. But the report suggested a resolution to disputes over intellectual property and market access for industrial products could come later.

Like the S&P 500, the Dow was pushed higher by Microsoft) and Apple. The duo plus Visa (NYSE:V) contributed more than 60 points to the Dow's gain.

Apple moved up on an upgrade from Canaccord Genuity. Microsoft was lifted by Tuesday's upgrade from Jefferies.

The biggest loser among the three Dow stocks that ended lower was Johnson & Johnson (NYSE:JNJ), which fell nearly 2% after a Philadelphia jury awarded a man $8 billion in damages over side-effects from using the anti-psychotic drug Risperdal.

The other Dow decliners were investment bank Goldman Sachs (NYSE:GS), off 0.26%, and pharmacy giant Walgreens Boots Alliance (NASDAQ:WBA), down 0.03%.

Meanwhile, all 11 sectors of the S&P 500 were higher, led by technology, up 1.45% and energy, up 1.07%.

But the rally left the S&P 500 under 3,000 for a 14th-straight day. The index is 3.59% below its 52-week high and 0.7% below its high in the fall of 2018.

That's a signal of deep uncertainty about the trade fight and its impact on the economy.

The Dow is off 3.84% below its 52-week high, with the Nasdaq off 4.95% from its peak and the Nasdaq 100 down 4.2% from its peak.

The market anticipated minutes from the last Federal Reserve meeting that officials are increasingly worried about the trade fight's impact on business spending and expansion. Fed Chairman Jerome Powell repeated the concern in speeches this week.

Oil prices were little changed. West Texas Intermediate crude was off 4 cents to $52.59. Global benchmark Brent crude gained 8 cents to $58.32.

Metal prices moved higher. Gold futures added $8.90 to $1,512.80 an ounce in New York.

Interest rates moved up, thanks to the stock rally. The 10-Year Treasury yield was at 1.587%, up from 1.539% on Tuesday.

Oil producer Hess (NYSE:HES), test-equipment maker Keysight Technologies (NYSE:KEYS), heart-valve-maker Edwards Lifesciences (NYSE:EW) and chip-equipment maker Applied Materials Inc (NASDAQ:AMAT) were among the S&P 500 top performers.

Apparel maker L Brands (NYSE:LB), Johnson & Johnson (NYSE:JNJ), Cabot Oil & Gas (NYSE:COG) and electric utility Evergy (NYSE:EVRG) were the among S&P 500 laggards.

Stocks - Wall Street Gains as Trade Tensions Ease a Little
 

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Comments (6)
yaser rostami
yaser rostami Oct 09, 2019 9:39PM ET
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hi every one don't make titel without any texts we have take care . the first thing is Important until your mony is on yore hand is power in this condition
Chris Sundo
Chris Sundo Oct 09, 2019 9:23PM ET
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... 'ease a little' for the moment of writing.   Yawn .. -- By the time people read the story the opposite trend is happening ... Why waste time on all sides (writer, editor, printing coordination, proofing, reader, pondering the impression) and then read the contradictory CURRENT EVENTS.
GREEN RED
GREEN RED Oct 09, 2019 9:22PM ET
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U.S. stocks surged Wednesday as investors hoped for good news ahead of a resumption of U.S.-China trade talks.
Stefon Walters
AgapeGrace Oct 09, 2019 6:46PM ET
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So much for the “ease a little”. Rough day tomorrow.
andrew dun
andrew dun Oct 09, 2019 6:46PM ET
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Great day tomorrow. Long tlt and short equities.
Stefon Walters
AgapeGrace Oct 09, 2019 6:46PM ET
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Agreed. I’m short as well. Just rough for the longs.
ANDERSON BAE
NavalATC Oct 09, 2019 6:03PM ET
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eases a little; is that even a valid title??
Mart Bab
Rubberduck1973 Oct 09, 2019 4:39PM ET
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And offcause we know the above is fake news bloonberg
 
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