ZCZC
BCN-13
US-STOCKS-MARKETS
US stocks boosted by more benign signs on trade
NEW YORK, May 16, 2019 (BSS/AFP) – Wall Street stocks climbed for a second
straight session on Wednesday after the US sent more conciliatory messages on
trade, offsetting lackluster economic data.
The Dow Jones Industrial Average finished up 0.5 percent at 25,648.02
The broad-based S&P 500 gained 0.6 percent to 2,850.96, while the tech-
rich Nasdaq Composite Index jumped 1.1 percent to 7,822.15.
Stocks opened lower following surprisingly weak US retail sales data for
April. But equities got a lift from mid-morning reports at AFP and elsewhere
that the White House plans to hold off on steep tariffs on imported autos.
Also, US Treasury Secretary Steven Mnuchin told a Senate panel that
Washington was close to resolving its differences with Mexico and Canada over
steel and aluminum tariffs that have created friction among the trading
partners.
Mnuchin also repeated his expectation that US negotiators would return to
Beijing to pursue stalled talks aimed at resolving the US-China trade war.
Among individual sectors, Ford and General Motors gained about one percent
and Fiat Chrysler two percent following on the delay to auto tariffs.
Google parent Alphabet jumped 3.9 percent, unveiling new promotional
formats as it competes with Amazon and Facebook for advertising dollars.
Other large tech shares were also solidly higher, including Amazon, Apple
and Netflix, all of which rose more than one percent.
Macy’s dropped 0.6 percent despite reporting better-than-expected first-
quarter earnings as it warned of the possible hit from new broad-based
tariffs on Chinese goods threatened by the Trump administration.
BSS/AFP/HR/0950