By April Joyner
NEW YORK (Reuters) - U.S. stocks rose on Thursday, as losses in shares of healthcare companies, battered by Amazon's foray into drug retailing, were offset by gains in the technology and financial sectors.
The S&P 500 financial index <.SPSY> was on track to post its first gain in 14 sessions ahead of results from the second round of the U.S. Federal Reserve's stress test for banks and lenders.
But shares of several drugstore chains, drug distributors and pharmacy benefit managers fell after Amazon.com Inc
Walgreens Boots Alliance Inc
Shares of CVS Health Corp
Earlier in the session, the S&P 500 seesawed between gains and losses. Some investors expressed caution, given lingering worries regarding U.S. trade relations, as the end of the quarter approached.
"We're just treading water," said Brian Battle, director of trading at Performance Trust Capital Partners in Chicago. "There's been inconsistency out of the White House as to what the (trade) policy actually is. We're all just waiting and tapping our foot to see the actual policy."
The Dow Jones Industrial Average <.DJI> rose 122.74 points, or 0.51 percent, to 24,240.33, the S&P 500 <.SPX> gained 16.59 points, or 0.61 percent, to 2,716.22 and the Nasdaq Composite <.IXIC> added 57.52 points, or 0.77 percent, to 7,502.61.
Amazon's reach was not limited to the health sector. Its plans to entice entrepreneurs to set up their own package-delivery businesses sent shares of United Parcel Service Inc
Advancing issues outnumbered declining ones on the NYSE by a 1.41-to-1 ratio; on Nasdaq, a 1.15-to-1 ratio favored advancers.
The S&P 500 posted nine new 52-week highs and 24 new lows; the Nasdaq Composite recorded 34 new highs and 107 new lows.
(Additional reporting by Sruthi Shankar in Bengaluru and Savio D'Souza; Editing by Shounak Dasgupta and Chizu Nomiyama)
This story has not been edited by Firstpost staff and is generated by auto-feed.
Updated Date: Jun 29, 2018 02:05 AM