Wall Street rebounds in the face of heated trade row
Wall Street bounced back on Tuesday, led by gains in consumer discretionary, technology and industrial stocks as investors shrugged off escalating trade rhetoric between the United States and China.
All three major U.S. indexes were higher following Monday`s sell-off.
Late Monday, U.S. President Donald Trump announced the imposition of tariffs on $200 billion in imports from China starting next week, intensifying the volley of trade actions between the world`s two largest economies.
China responded on Tuesday by unveiling tariffs on about $60 billion of U.S. goods, measures set to take effect on Sept. 24, prompting President Trump to threaten additional actions if Beijing targets U.S. agricultural or industrial workers.
"(The trade dispute) has escalated to a point where finally we`re probably getting closer to a resolution," said Chuck Carlson, chief executive officer at Horizon Investment Services in Hammond, Indiana. "It`s almost as if we`re getting down to the brass tacks of both countries having not too much more room to go."
Fitness gadget-maker Fitbit Inc
Trade-sensitive industrials <.splrci> were trading higher, with Boeing Co
The Dow Jones Industrial Average <.dji> rose 234.32 points, or 0.9 percent, to 26,296.44, the S&P 500 <.spx> gained 20.96 points, or 0.73 percent, to 2,909.76 and the Nasdaq Composite <.ixic> added 78.84 points, or 1 percent, to 7,974.63.
Of the 11 major sectors of the S&P 500, eight were higher.
In addition to consumer discretionary <.splrcd>, technology <.splrct> and industrial companies, the energy sector <.spny> was up 0.8 percent as crude prices
So-called defensive stocks, including real estate <.splrcr>, utilities <.splrcu> and consumer staples <.splrcs> were lower.
Credit card issuers Visa Inc
Among losers, Tesla Inc
Insurer Marsh & McLennan
General Mills Inc
Advancing issues outnumbered declining ones on the NYSE by a 1.51-to-1 ratio; on Nasdaq, a 1.73-to-1 ratio favoured advancers.
The S&P 500 posted 31 new 52-week highs and 3 new lows; the Nasdaq Composite recorded 46 new highs and 71 new lows.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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