Wall Street Higher As Tech, Consumer Discretionary Recover

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Wall Street Higher As Tech, Consumer Discretionary Recover Wall Street's main indexes were higher on Tuesday, with the Dow Jones Industrial Average rising more than 100 points, helped by a recovery in the battered technology and consumer discretionary stocks. Amazon and Tesla, the top drags on Monday, rose, with the Dow and the S&P opening above their 200-day moving averages. The S&P 500 on Monday broke below that important level for the first time since Britain's vote to leave the European Union in June 2016. At 9:34 a.m. ET, the Dow was up 0.4 percent at 23,738.31. The S&P 500 rose 0.37 percent to 2,591.43 and the Nasdaq Composite gained 0.57 percent to 6,909.08. Amazon.com rose nearly 2 percent, after closing down more than 5 percent on Monday after President Donald Trump's latest attack on the online retailer. Tesla shares gained 2.6 percent after the electric automaker said it need not raise more capital this year while announcing it built 2,020 of its cheaper Model 3 sedans in the last seven days of March. "At some point you have to return to fundamentals and we're still looking at a pretty good earnings growth," said Scott Brown, chief economist at Raymond James in St. Petersburg, Florida. Investors have also been wary about a trade war after China decided to impose extra tariffs on 128 U.S. products over the weekend, in retaliation to Trump's decision to impose tariffs on steel and aluminum. The Trump administration is expected sometime this week to publish a list of Chinese goods that could be subjected to new U.S. tariffs. "What's going on with the trade policy is a real concern for investors," said Brown. "It goes back and forth almost every day and when you back away from the paradigm of free trade, then the markets move unfavorably." Nine of the 11 major S&P sectors were higher, led by a 0.75 percent gain in the consumer discretionary index. Investors will be able to buy and sell shares in the Swedish music streaming service Spotify in the New York Stock Exchange's first-ever direct floor listing. Viacom Inc fell 4.2 percent after Reuters reported CBS Corp planned to make an all-stock offer that valued the media company below its current market valuation. CBS shares rose 0.9 percent. Advancing issues outnumbered decliners on the NYSE for a 3.08-to-1 ratio and for a 3.18-to-1 on the Nasdaq.
April 04, 2018 at 12:00AM