Tech, energy shares lead US stocks higher

Tech, energy shares lead US stocks higher

Traders work on the floor of the New York Stock Exchange shortly after the opening bell in New York
Traders work on the floor of the New York Stock Exchange. (Photo: REUTERS/Lucas Jackson)

NEW YORK: Technology and petroleum-linked shares were among the winners on Tuesday (Sep 11) as US stocks shrugged off trade worries and finished higher.

The Dow Jones Industrial Average climbed 113,99 points (0.44 per cent) to 25,971.06.

The broad-based S&P 500 also gained 10.76 points (0.37 per cent) to 2,887.89, while the tech-rich Nasdaq Composite Index advanced 48.31 points (0.61 per cent) to 7,972.47.

Stocks had opened the session in the red on continued anxiety over US trade fights with China and yawning trade negotiations with Canada and the European Union.

But sentiment shifted later in the day following strong data on small business confidence, said Karl Haeling of LBBW.

"Stocks kind of wanted to go up anyway" amid largely positive data that has shown the relative strength of the United States compared with other economies, Haeling said.

Large technology shares, under pressure in recent sessions, pushed higher, with Apple jumping 2.5 percent ahead of the expected launch Wednesday of new iPhones.

Amazon, Microsoft and Facebook all won at least one percent.

Petroleum-linked companies were another strong sector, with Dow member ExxonMobil rising 1.4 percent, Apache 1.8 percent and Halliburton 1.8 percent following a rise in oil prices due to a possible hit to oilfield infrastructure from Hurricane Florence.

Key data releases later in the week include reports on inflation and retail sales, as well as the Federal Reserve's "Beige Book" of economic conditions around the United States

Source: AFP/ec