Wall Street limits higher as trade war tensions simplicity
New York (Reuters) :Wall Street ticked higher on Tuesday, building on strong gains from the previous session amid easing fears of a trade war between the United States and China.
Technology stocks were the major gainers, with a more than 1% rise in shares of Apple, Amazon, Microsoft and Intel providing the enhancement.
The main indexes finished at more than 2 percent on Monday subsequent reports that the United States and China were willing to renegotiate tariffs and trade imbalances.
Global markets were upset last week after President Donald Trump enthused to impose tariffs on Chinese imports of up to $60 billion, adding up to the import restrictions already placed on solar panels, steel and aluminum.
White House trade adviser Peter Navarro established that Trump has asked Treasury Secretary Steven Mnuchin and U.S. Trade Representative Robert Lighthizer to attempt to resolve trade differences with China.
Chief market economist at First Standard Financial in New York said, “We expect yesterday’s rally to extend itself as fading fears over a full-blown trade war is begging to restore confidence.”
“It’s coming at an opportune time as we approach the end of the quarter window dressing.”
The S&P 500 .SPX gained 0.12 percent at 2,661.81 and the Nasdaq Composite .IXIC rose 0.24 percent, at 7,238.02.
Facebook shares rise about 1 percent after being hammered for days following the quarrel over the social media company’s handling of users’ data.
The company now faces an inquiry by the U.S. Federal Trade Commission on how it permissible data of 50 million users get into the hands of a political consultancy.
Red Hat shares rose 3.5 percent after the software developer reported better-than-expected quarterly results on strong demand for its hybrid cloud products.