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Wall Street jumps with technology stocks, industrials

Reuters  |  NEW YORK 

By Caroline Valetkevitch

NEW YORK (Reuters) - U.S. stocks climbed on Thursday as top technology names hit record highs and industrials rebounded, offsetting worries about a U.S.-trade war.

Facebook , Microsoft and Amazon hit all-time intraday highs and along with and powered the and higher.

The rose 1.6 percent, the day's best-performing sector, and the group is now leading year-to-date gains among sectors. Industrials <.SPLRCI> rose 1.1 percent, while the defensive utilities sector <.SPLRCU>, which had outperformed recently, was down 0.1 percent.

Helping the tech sector is the view that those companies may be more immune to potential trade dispute problems, said Quincy Krosby, at in Newark,

But also, she said, "The consensus is that negotiations will resume and there will be some sort of agreement between the U.S. and It could be naive, but that seems to be an emerging consensus within the market."

The late Tuesday threatened to impose tariffs on $200 billion worth of Chinese goods. said on Thursday the two countries have not been in touch about restarting talks and while it does not want a trade war, it would fight if necessary.

and Caterpillar , among the hardest hit by the recent trade dispute, rose, boosting the Dow.

Within tech, jumped 18.3 percent after chipmaker announced a surprise $18.9-billion deal to buy the company. slumped 14 percent.

The <.DJI> rose 204.44 points, or 0.83 percent, to 24,904.89, the <.SPX> gained 21.84 points, or 0.79 percent, to 2,795.86 and the Composite <.IXIC> added 98.70 points, or 1.28 percent, to 7,815.31.

Weekly jobless claims hit a two-month low last week, the said, in a sign that labour market conditions remained robust in early July.

The consumer price index barely rose in June, but the underlying trend continued to point to a steady buildup of inflation pressure that could keep the Federal Reserve on a path of gradual interest rate increases.

Reporting of quarterly earnings picks up steam on Friday with the big Wall Street banks, and overall companies are expected to post second-quarter profit growth of around 21 percent, according to I/B/E/S.

rose 1.6 percent, and lifted other airline stocks, after the carrier's quarterly profit topped estimates on higher average fares.

Advancing issues outnumbered declining ones on the NYSE by a 1.71-to-1 ratio; on Nasdaq, a 1.45-to-1 ratio favored advancers.

The S&P 500 posted 34 new 52-week highs and 3 new lows; the Composite recorded 95 new highs and 41 new lows.

(Additional teporting by Amy Caren Daniel in Bengaluru; Editing by and Nick Zieminski)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, July 13 2018. 02:25 IST