Tech stocks drive gains on Wall Street; Boeing weighs on Dow
By Shreyashi Sanyal
(Reuters) - The S&P 500 and Nasdaq indexes rose on Monday as technology stocks were bolstered by signs of progress in resolving the prolonged U.S.-China trade dispute, while losses in Boeing capped gains in the blue-chip Dow Jones Industrials.
White House adviser Larry Kudlow said tariffs scheduled for December could be withdrawn if talks go well, adding to optimism after China said it will work with the United States to address each other's core concerns.
Trade-sensitive technology stocks <.SPLRCT> gained 1%, while the China-exposed semiconductor stocks helped the Philadelphia chip index <.SOX> climb 1.8%.
"It is a bit more confirmation from China as to what was agreed with the U.S. in discussions toward the stage one trade deal" said Jon Adams, investment strategist at BMO Global Asset Management.
A 1.3% gain in financial stocks <.SPSY> also propped up the S&P 500 <.SPX> after largely upbeat results from big banks last week kicked off the third-quarter earnings season on a strong note.
"This is the appropriate time in the cycle for that shift from growth to value oriented stocks to happen," said Everett Millman, precious metals specialist at Gainesville Coins in Lutz, Florida.
"I was impressed with the financials because they aren't supposed to do well in a low interest rate environment."
Signs of progress in trade talks have helped Wall Street recover from a rough start to the month. The benchmark S&P 500 index ended Friday with its second weekly gain, while the Nasdaq rose for a third straight week.
Shares of Boeing Co
The Dow Jones Industrial Average <.DJI> was up 52.03 points, or 0.19%, at 26,822.23, the S&P 500 <.SPX> was up 18.70 points, or 0.63%, at 3,004.90 and the Nasdaq Composite <.IXIC> was up 73.06 points, or 0.90%, at 8,162.61.
The earnings line up for this week includes high-profile companies such as Boeing, Microsoft Corp
Analysts have projected the first earnings contraction since 2016 for S&P 500 companies, but of the 75 companies that have reported results so far, only 12% have come in below estimates, according to Refinitiv data.
Cardinal Health Inc
The drug distributors, along with Teva Pharmaceutical Industries
Advancing issues outnumbered decliners by a 2.43-to-1 ratio on the NYSE and by a 2.62-to-1 ratio on the Nasdaq.
The S&P index recorded 38 new 52-week highs and two new lows, while the Nasdaq recorded 85 new highs and 49 new lows.
(Reporting by Shreyashi Sanyal and Medha Singh in Bengaluru; Editing Anil D'Silva and Sriraj Kalluvila)
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