{"id":124781,"date":"2019-06-27T03:10:19","date_gmt":"2019-06-27T03:10:19","guid":{"rendered":"https:\/\/www.bnreport.com\/wall-street-higher-on-tech-boost-trade-hopes\/"},"modified":"2019-06-27T03:10:19","modified_gmt":"2019-06-27T03:10:19","slug":"wall-street-higher-on-tech-boost-trade-hopes","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/wall-street-higher-on-tech-boost-trade-hopes\/","title":{"rendered":"Wall Street higher on tech boost, trade hopes"},"content":{"rendered":"

U.S. stocks rose on Wednesday after comments from Treasury Secretary Steven Mnuchin<\/a>'s fueled optimism that the United States and China were close to striking a trade deal, while the tech sector was boosted by chipmaker Micron's upbeat results.<\/p>\n

"We were about 90% of the way there (with a deal) and I think there's a path to complete this," Mnuchin said in an interview to CNBC<\/a>.<\/p>\n

Tech stocks were the biggest gainers among the 11 major S&P sectors, with a 1.53% jump, while the trade-sensitive industrial index rose 0.17%.<\/p>\n

"Any good news on trade is good news for the equity markets. As long as the two countries are negotiating, it's a good thing and that's what is moving markets at this time," said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago.<\/p>\n

However, investors were cautious after President Donald Trump<\/a> told Fox Business Network that he would impose additional tariffs on China if he did not reach a trade deal with Chinese president Xi Jinping<\/a>.<\/p>\n

Trump and Xi are set to meet at the Group of 20 summit in Japan on Friday.<\/p>\n

At 9:52 a.m. ET the Dow Jones Industrial Average was up 31.66 points, or 0.12%, at 26,579.88 and the S&P 500 was up 6.24 points, or 0.21%, at 2,923.62.<\/p>\n

The Nasdaq Composite was up 65.55 points, or 0.83%, at 7,950.27.<\/p>\n

Micron Technology<\/a> Inc jumped 11.2%, lifting the Philadelphia Semiconductor index 3.09% higher.<\/p>\n

The company said it had resumed some shipments to Chinese telecoms equipment maker Huawei<\/a> Technologies Co Ltd and still expected demand for its chips to recover later this year.<\/p>\n

Also boosting the tech-heavy Nasdaq were gains in shares of Apple Inc, Microsoft Corp and Amazon.com<\/a> Inc .<\/p>\n

The S&P 500 index has gained 6.4% so far in June, hitting a record high last week, largely on hopes that the Federal Reserve would cut interest rates to couRead More \u2013 Source<\/strong><\/a>
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ET Markets<\/a><\/h5>\n

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