INSUBCONTINENT EXCLUSIVE:
US stocks rose for a fourth straight day on Wednesday, as gains in energy and technology stocks added to optimism over signs of progress in
United States -China trade talks.
The SP technology index rose 1.07 percent, boosted by Microsoft Corp, Apple Inc and chipmakers.
Shares of
Boeing Co and Caterpillar Inc, sensitive to trade-related news, were up more than 1 percent, with SP industrial index gaining 0.64
percent.
Officials from United States and China ended their talks in Beijing that lasted longer than expected and officials said details
will be released soon, raising hopes that an all-out trade war that could badly disrupt global economy can be averted.
Hopes of a trade deal
between world's two largest economies, strong United States jobs data and Federal Reserve chair Jerome Powell's dovish remarks on
interest rates have helped lift SP 500 9.7 percent from 20-month low it hit around Christmas.
"There's a solid uptrend that's come off
So any development that looks like it might be leading to an eventual resolution will be helpful to markets," said Randy Frederick, vice
president of trading and derivatives for Charles Schwab in Austin, Texas.
The CBOE Volatility index, often referred to as an investor fear
gauge, dropped half-a-point to a one-month low of 20.
A rally in oil prices for eight straight day lifted SP energy index 1.05
percent.
Threatening to weigh on sentiment was partial United States government shutdown that entered its 19th day as Democratic lawmakers
and White House remain divided over President Donald Trump's demand for money for a border wall.
Fitch warned it could cut country's
coveted triple-A sovereign credit rating later this year if shutdown leads to it hitting its debt ceiling and hampering budget setting.
At
ET, Dow Jones Industrial Average was up 160.12 points, or 0.67 percent, at 23,947.57
The SP 500 was up 11.05 points, or 0.43 percent, at 2,585.46 and Nasdaq Composite was up 43.77 points, or 0.63 percent, at
6,940.77.
Amazon.com Inc, now most valuable United States company that fueled market's recent surge, slipped.
Apple Inc edged 0.5 percent
higher despite a Nikkei Asian Review report that company had reduced planned production for its three new iPhone models for January-March
quarter.
The company had warned on holiday-quarter sales last week, hammering its stock as well as those of its suppliers, mostly chipmakers
The semiconductor space also got a beating on Tuesday after Samsung Electronics flagged weak chip demand.
Taking a breather, Philadelphia
Semiconductor index surged 2.69 percent.
Financial stocks rose 0.58 percent
Investors will be looking for new clues on interest rate policy when Fed releases minutes from its December meeting later in day and a
speech on Thursday by Powell.
Shares in Constellation Brands Inc dropped 8.8 percent after Corona brewer cut its profit outlook for fiscal
2019.
Booking Holdings Inc slipped 2.5 percent after two brokerages downgraded online travel company and warned of higher costs from
increasing competition.
Advancing issues outnumbered decliners by a 2.39-to-1 ratio on NYSE and by a 2.13-to-1 ratio on Nasdaq.
The SP index
recorded no new 52-week highs and one new low, while Nasdaq recorded 16 new highs and 4 new lows.
