FAANGs power Nasdaq to record high; Dow remains under pressure
The Nasdaq hit a record on Wednesday as Facebook, Amazon, Netflix and Alphabet touched all-time highs, while the Dow Jones Industrial Average struggled to shrug off concerns over a rapid escalation in the U.S.-China trade spat.
Twenty-First Century Fox
The S&P 500 was on pace to post its first gain in three sessions, boosted by the gains in media stocks. Viacom
The so-called FAANG stocks rose, with Facebook
"You`ve got a little bit of a shift away from the macro concerns which will continue to be a headwind for this market until we get some answers on trade. Right now the focus is on M&A," said Art Hogan, chief market strategist at B. Riley FBR in New York.
Markets skidded on Tuesday after President Donald Trump`s latest tariff threats against Chinese goods rang alarm bells over an escalating U.S.-China trade spat.
The United States is also under fire from other countries for its protectionist measures. The European Union will start charging import duties of 25 percent on a range of U.S. products from Friday after Washington imposed tariffs on EU steel and aluminium at the start of June.
At 12:44 a.m. EDT the Dow Jones Industrial Average <.dji> was up 12.10 points, or 0.05 percent, at 24,712.31, the S&P 500 <.spx> was up 10.91 points, or 0.39 percent, at 2,773.50 and the Nasdaq Composite <.ixic> was up 75.67 points, or 0.98 percent, at 7,801.25.
Of the 11 main S&P index sectors, eight were higher.
Shares in Boeing
"Considering the magnitude of headwinds that we face in trade, it appears as though it has been relatively `extra Dow` and that`s because Dow companies are more heavily impacted due to strong dollar and trade talks," Hogan said.
Chip stocks, which derive a large part of their revenue from China, were also trading higher.
Shares in General Electric Co
Advancing issues outnumbered decliners for a 1.81-to-1 ratio on the NYSE for a 2.28-to-1 ratio on the Nasdaq.
The S&P index recorded 26 new 52-week highs and six new lows, while the Nasdaq recorded 183 new highs and 24 new lows.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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