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Stocks- Wall Street Rallies as Trade Tensions Wane

Stock MarketsJun 20, 2018 09:43AM ET
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© Reuters. Wall Street was higher on Wednesday. – Wall Street rose on Wednesday as investors shrugged off trade tensions between the U.S. and China.

The S&P 500 gained six points or 0.25% to 2,769.56 as of 9:41 AM ET (13:41 GMT) while the Dow composite increased 26 points or 0.11% to 24,664.33 and tech heavy NASDAQ Composite rose over 40 points or 0.52% to 7,766.07.

Trade tensions between the U.S. and China still remained on the back of investors minds, as the two largest economies in the world faced a tit-for-tat over trade tariffs.

Stocks tumbled on Tuesday after U.S. President Donald Trump threatened to impose tariffs on another $200 billion of Chinese goods if China refused “to change its practices,” he said.

Technology stocks were among the biggest gainers after the morning bell, with Netflix (NASDAQ:NFLX) gaining 2.32% and Twitter up 2.58%. Twenty-First Century Fox Inc (NASDAQ:FOX) surged 6.77% after accepting a higher bid by Walt Disney Company (NYSE:DIS) for its assets. Disney was up 0.94%. Meanwhile Walgreens rose 2.22% after news that it was replacing General Electric (NYSE:GE) on the Dow. General Electric fell 1.06%.

Elsewhere Starbucks (NASDAQ:SBUX) decreased 5.36% amid slow sales growth and news that it was closing 150 U.S. stores, while Oracle (NYSE:ORCL) slumped 5.21%.

In Europe stocks were mostly up. Germany’s DAX rose nine points or 0.07% while in France the CAC 40 decreased seven points or 0.14% and in London, the FTSE 100 was up 63 points or 0.84%. Meanwhile the pan-European Euro Stoxx 50 gained nine points or 0.28% while Spain’s IBEX 35 rose 104 points or 1.07%.

In commodities, gold futures fell 0.19% to $1,276.20 troy ounce while crude oil futures increased 1.56% to $65.91 a barrel. The U.S. dollar index, which measures the greenback against a basket of six major currencies, was up 0.04% to 94.69.

Stocks- Wall Street Rallies as Trade Tensions Wane

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