LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » World News

Wall Street ends higher, helped by tech rally

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Updated: Tue, Jul 03, 2018
02:17 am
Reuters
RELATED NEWS
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here
India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global
RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21 RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21

Wall Street ended higher on Monday after a choppy session, with gains in Apple and other technology stocks offsetting worries about an escalating trade war between Washington and its trading partners.

Microsoft Inc , Facebook Inc and Apple Inc each rose 1 percent or more, pushing the S&P 500 information technology index <.splrct> up 0.99 percent, bringing gains for the year-to-date to 11 percent as investors bet on strong earnings from Silicon Valley in the approaching quarterly reporting season.

"It doesn`t look like tech is going to slow down this year," said Jake Dollarhide, chief executive officer of Longbow Asset Management in Tulsa, Oklahoma. "The tech play is here to say."

Traders were also eyeing the July 6 deadline for U.S. tariffs on $34 billion worth of Chinese goods to kick in, which pose the danger of a strong response from Beijing.

The European Union has warned the United States that imposing import tariffs on cars and car parts would likely lead to counter-measures on $294 billion of U.S. exports, while Canada has vowed to take punitive measures in response to U.S. steel and aluminium tariffs.

"These tit-for-tat trade tariffs will ultimately raise prices for consumers and will likely dampen demand for products," said Jack Ablin, chief investment officer at Cresset Wealth Advisors in Chicago.

Ablin said he expected strong U.S. corporate earnings for the quarter ended in June, but that profits for the rest of 2018 were in danger of being hurt by an escalating trade war.

Only three of the 11 main S&P 500 sectors ended lower on Monday, with energy <.spny> down 1.55 percent on the back of a 2 percent drop in Brent crude .

Wall Street suffered steep losses at the start of the session, but reversed course later.

The Dow Jones Industrial Average <.dji> rose 0.15 percent to end at 24,307.18 points, while the S&P 500 <.spx> gained 0.31 percent to 2,726.71. The Nasdaq Composite <.ixic> added 0.76 percent to 7,567.69.

On Tuesday, U.S. stock exchanges will close at 1 p.m. EDT (1700 GMT) ahead of the Fourth of July holiday, when the exchanges will also be closed. With some investors already taking time off on Monday, volume on U.S. exchanges was 6.2 billion shares, compared with the 7.3 billion average over the last 20 trading days.

Also helping the market was Commerce Department data that showed U.S. construction spending increased 0.4 percent in May, more than estimated, amid gains in investment in private and public construction projects.

The Institute for Supply Management said national factory activity surged last month, likely as steel and aluminium tariffs disrupted supply chains, resulting in factories taking longer to deliver goods.

Tesla Inc fell 2.3 percent after the electric car maker said it hit its target of producing 5,000 Model 3 sedans per week. Many investors were sceptical about the financial impact of ramping up production and the quality of the cars being built. In addition, just before the market close, Tesla said its chief engineer was leaving the company.

Shares of casino companies fell as gambling revenue in the Chinese territory of Macau rose less than expected in June.

Wynn Resorts sank 7.89 percent, while Las Vegas Sands fell 6.67 percent after Bank of America downgraded the stock. MGM Resorts dropped 3 percent.

Dell Technologies took a step closer to becoming a public company again with a deal to buy the tracking stock of its majority-owned VMware unit. The VMware tracking stock jumped 9 percent, while VMware gained 10.24 percent.

Advancing issues outnumbered declining ones on the NYSE by a 1.09-to-1 ratio; on Nasdaq, a 1.55-to-1 ratio favoured advancers.

The S&P 500 posted two new 52-week highs and 11 new lows; the Nasdaq Composite recorded 52 new highs and 70 new lows.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Economy
RELATED NEWS
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here
India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global
RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21 RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21

LATEST NEWS

WBPSC Exam 2021: Date for West Bengal Public Service Commission Exam 2021 postponed: Check latest news here!

Insurance alert! Big decision by Modi government to facilitate resolution of complaints - All you need to know

Transformational Solutions shaping inclusive Connected Citizen Ecosystem

FCI Recruitment 2021 Notification: Take the first step to get this semi-government job that has up to Rs 1.80 lakh salary; apply online at recruitmentfci.in

Lexus drives in LC 500h limited-edition with price starting at Rs 2.15 cr

MTAR Technologies IPO News: Check allotment status finalisation, listing date and how to check share subscription

7th Pay Commission latest news today: DA hike, DR benefit, arrears, ease in LTC — updates that central government employees just cannot miss

UP Gram Panchayat Election 2021 Reservation List Latest News Today: Check pradhan seat aarakshan details here

MCD by election 2021: FINAL RESULT of Delhi municipal bypolls! Full list of Kalyanpuri, Rohin-C, Trilokpuri, Shalimar Bagh North wards, seats - AAP vs BJP vs Congress

Heranba IPO Allotment Status: Finalised! Didn't get shares? Waiting for refund? Know this important date

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved