Financials help Wall Street bounce back
By Akanksha Rana and Shreyashi Sanyal (Reuters) - U.S. stocks recovered from early losses on Wednesday, helped by financial stocks, although investors were guarded as worries about a recession loomed and trade tensions between the United States and China dragged on
By Akanksha Rana and Shreyashi Sanyal
(Reuters) - U.S. stocks recovered from early losses on Wednesday, helped by financial stocks, although investors were guarded as worries about a recession loomed and trade tensions between the United States and China dragged on.
The financial sector was up 1.03%, clawing back some of the losses from the previous session that was triggered by a deepening of the U.S. Treasury yield curve inversion, widely considered as a harbinger of a slowdown.
Gains in the benchmark S&P 500 index were also supported by a 1.7% jump in energy stocks after industry data showed a fall in stockpiles of U.S. crude, boosting oil prices.
Oil majors Chevron Corp and Exxon Mobil Corp rose nearly 1%.
"It's the last real vacation week of the year in terms of summer so there are not a lot people around. You are also not seeing any new reasons in the overnight for people to sell the market," said Peter Kenny, founder of Kenny's Commentary LLC and Strategic Board Solutions LLC in New York.
Investors are also awaiting the monthly jobs report and manufacturing data next week to gauge the pace of interest rate cuts.
The U.S. Trade Representative's office on Wednesday also reaffirmed President Donald Trump's plans to impose an additional 5% tariff on a $300 billion list of Chinese imports starting on Sept. 1 and Dec. 15.
At 12:59 p.m. ET, the Dow Jones Industrial Average was up 216.62 points, or 0.84%, at 25,994.52, the S&P 500 was up 17.67 points, or 0.62%, at 2,886.83. The Nasdaq Composite was up 29.70 points, or 0.38%, at 7,856.65.
Technology stocks dipped 0.06%, pressured by declines in shares of Microsoft Corp and Autodesk Inc.
Shares of the AutoCAD software maker slid 8.1%, the most on the S&P 500, after the company cut its full-year earnings forecast.
Shares of Tiffany & Co rose 2.8% after the luxury jeweler reported quarterly earnings above analysts' estimates.
Coty Inc rose 4.4% after the cosmetics maker raised its full-year revenue forecast, betting on a multi-year turnaround plan that involves increased investments in advertising and cost cuts.
Hewlett Packard Enterprise Co's shares added 3.7% after the company beat profit estimates and raised its 2019 adjusted earnings forecast.
Advancing issues outnumbered decliners by a 2.87-to-1 ratio on the NYSE and by a 2.51-to-1 ratio on the Nasdaq.
The S&P index recorded seven new 52-week highs and 38 new lows, while the Nasdaq recorded 20 new highs and 140 new lows.
(Reporting by Akanksha Rana and Shreyashi Sanyal in Bengaluru; Editing by Anil D'Silva and Maju Samuel)
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