Stocks broke a three-session losing streak on Wednesday, with industrial shares leading the charge. The major averages extended modest opening gains throughout the morning, but slipped a bit in the final stretch, closing a step below their session highs. The S&P 500 added 0.5%; the Dow climbed 0.4%; the Nasdaq rose 0.6%; and the small-cap Russell 2000 jumped 1.1%.
Reports that the U.S. and China are trying to restart trade talks helped underpin the broader market, especially the trade-sensitive industrial sector (+2.1%), which closed atop the sector standings. Investors were also paying close attention to the information technology sector (+0.3%), which was a bit erratic after tumbling for three sessions in a row, trading between -0.4% and +1.0%.
In news from central banks, the Bank of Japan decided to leave its ultra-loose monetary policy intact; and the Fed kicked off a two-day policy meeting in Washington.
Apple reported earnings after the market-close yesterday. Apple’s revenue growth continued to accelerate thanks to sales of top-of-the-range versions of its flagship iPhone, capping a tumultuous earnings season for America’s leading tech companies. Apple shares rose as much as 4 per cent in after-hours trading following the results.
Graph: Google Finance
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The O&G Research Team publishes insights on the global markets. Our research scope ranges from the US to China.
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