By Chuck Mikolajczak
NEW YORK (Reuters) - The Nasdaq touched a record on Wednesday, lifted by a climb in large-cap tech and consumer discretionary names, while the Dow and S&P 500 were hemmed in as concerns over an escalation in the U.S.-China trade spat simmered.
Twenty-First Century Fox Inc
The S&P 500 was poised to snap a three-session losing streak, as gains in media stocks helped send the consumer discretionary sector <.SPLRCD> up 0.7 percent.
Names such as Facebook Inc
Shares in Boeing Co
"There haven't been new trade tariffs announced. Investors can focus a little more on the fundamentals," said Sameer Samana, global equity and technical strategist at Wells Fargo Investment Institute in St. Louis.
The Dow Jones Industrial Average <.DJI> fell 15.7 points, or 0.06 percent, to 24,684.51, the S&P 500 <.SPX> gained 8.69 points, or 0.31 percent, to 2,771.28 and the Nasdaq Composite <.IXIC> added 74.08 points, or 0.96 percent, to 7,799.67.
Markets skidded on Tuesday after President Donald Trump's latest tariff threats against Chinese goods rang alarm bells over an escalating U.S.-China trade spat.
The United States is also under fire from other countries for its protectionist measures. The European Union will start charging import duties of 25 percent on a range of U.S. products from Friday after Washington imposed tariffs on EU steel and aluminium at the start of June.
Chip stocks, which derive a large part of their revenue from China, were also trading higher. The PHLX semiconductor index <.SOX> advanced 0.7 percent after dropping more than 2 percent over the past three sessions.
Shares in General Electric Co
Advancing issues outnumbered declining ones on the NYSE by a 1.75-to-1 ratio; on Nasdaq, a 2.18-to-1 ratio favoured advancers.
The S&P 500 posted 29 new 52-week highs and six new lows; the Nasdaq Composite recorded 197 new highs and 26 new lows.
(Reporting by Chuck Mikolajczak; Editing by Lisa Shumaker)
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Updated Date: Jun 21, 2018 02:05 AM