Tech stocks rise in choppy Wall Street trading | Reuters

(Reuters) - Wall Street treaded water in choppy morning trading on Wednesday with gains in technology stocks offsetting losses in financial shares. Traders work on the floor of the New York Stock Exchange shortly after the opening bell in New York, U.S., December 5, 2017. REUTERS/Lucas JacksonShares of Microsoft (MSFT.O), Facebook (FB.O) and Google parent Alphabet (GOOGL.O) rose about 1 percent. The Nasdaq had slipped 1.6 percent in the past three days, its worst such fall in more than three months amid doubts over stretched valuations and the impact of a U.S. tax overhaul on corporate earnings. Investors are evaluating the details of the new tax code as the Senate Republicans attempt to reconcile their version of the bill with that of the House of Representatives. “Investors are still positive on tech, however it comes down to questioning of valuations and rotation at the year end,” said Andre Bakhos, managing director at Janlyn Capital in Bernardsville, New Jersey. “We could have a volatile day given the early weakness and the fact that there are still uncertainties coming out of the (tax overhaul) reconciliation.” The bill passed on Saturday by Republican senators included a last-minute change to retain the corporate alternative minimum tax, or AMT, which had initially been removed. Including the AMT could negate parts of the bill seen as beneficial to tech companies and other corporations. At 9:45 a.m. ET (1345 GMT), the Dow Jones Industrial Average .DJI was up 29.65 points, or 0.12 percent, at 24,210.29 and the S&P 500 .SPX was up 1.02 points, or 0.04 percent, at 2,630.59. The Nasdaq Composite .IXIC was up 7.90 points, or 0.12 percent, at 6,770.11. Shares of JPMorgan (JPM.N), Bank of America (BAC.N) and Citigroup (C.N) fell about 1 percent and were the biggest drag on the S&P 500. Shares of Home Depot (HD.N) lost about 2 percent after the home improvement chain announced a $15 billion share repurchase plan. American Eagle Outfitters’ (AEO.N) shares rose 3 percent after the apparel maker forecast strong earnings for the holiday season and delivered third-quarter comparable sales ahead of Wall Street targets. Oil slipped about 1 percent after a surprise rise in U.S. inventories of refined products that suggested demand may be flagging. Declining issues outnumbered advancers on the NYSE by 1,484 to 929. On the Nasdaq, 1,384 issues fell and 806 advanced.

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date: Dec 06, 2017 22:00 PM

Also Watch

Social Media Star: Abhishek Bachchan, Varun Grover reveal how they handle selfies, trolls and broccoli
  • Monday, July 16, 2018 It's a Wrap: Soorma star Diljit Dosanjh and Hockey legend Sandeep Singh in conversation with Parul Sharma
  • Monday, July 16, 2018 Watch: Dalit man in Uttar Pradesh defies decades of prejudice by taking out baraat in Thakur-dominated Nizampur village
  • Monday, July 16, 2018 India's water crisis: After govt apathy, Odisha farmer carves out 3-km canal from hills to tackle scarcity in village
  • Sunday, July 15, 2018 Maurizio Sarri, named as new Chelsea manager, is owner Roman Abramovich's latest gamble in quest for 'perfect football'

Also See