By Stephen Culp
NEW YORK (Reuters) – Wall Street on Wednesday received a positive outcome from reports by US President Donald Trump on the introduction of tariffs for imported cars and parts, alleviating the fear of falling economic data.
Technological inventories brought all three of the main American black indexes to the second day of profits, but they remained around 3% below the highest value achieved a few weeks ago.
The possibility of a six-month delay in tariffs for imported cars and automotive parts, as well as comments made by Finance Minister Steven Mnuchin that he expects trade negotiations to continue in China soon, was a welcome news for investors who started the session in a sales mood after economic reports.
Retail sales dropped unexpectedly in April, as consumers reduced their spending, the US Department of Commerce reported. Industrial production in the United States was unexpectedly declined in April in a separate report from the Department of Labor.
US data, coupled with the weaker than expected economic figures from China, have shown a shadowy picture of world growth behind the increasingly wartime trade war between the two largest economies in the world.
"The market was on sale, but it got stronger," said Chuck Carlson, Chief Executive Officer of Horizon Investment Services at Hammond, Indiana. "This is a symptom for a market that is currently in short-term mode and what is driving now to the store."
"We have an investor population who is trying to see if the recent pullback is the opportunity to take advantage of the dip and introduce additional cash," Carlson added.
They were up by 173.38 points, respectively. 0.68%, to 25705.43 points, while the S & P 500 index grew by 22.3 points or by 0.6%. 0.79%, to 2.856,71, and added 96.90 points. 1.25% to 7,831.40 points.
Of the 11 main sectors in the S & P 500, all but financial were on positive territory, with communication services enjoying the highest percentage of profits led by the Alphabet (NASDAQ 🙂 Inc. and Facebook Inc. (NASDAQ :).
With 455 S & P 500 companies that announced results, the wage season in the first quarter is over. Of those who reported, 75.2% achieved street expectations.
Analysts now see a 1.2% growth in profit in the first quarter, a significant shift from a 2% loss on April 1.
Macy's Inc. fell by 1.1% after the department store suffered quarterly expectations, but said that the recent price hikes for Chinese goods would damage furniture business.
Agilent Technologies Inc. (NYSE 🙂 was the worst performer of the S & P 500, which fell by 10.8% after the manufacturer of medical equipment reported a quarterly profit that did not reach unanimous estimates.
Competitive competitors Uber Technologies (NYSE 🙂 Inc and Lyft Inc. (NASDAQ 🙂 were on their way to their second natural day of profits following their unimaginable post-debut appearance. Their share increased by 2.1% and 6.5% respectively.
Issues of promotion were exceeded by 2.21 to 1 at NYSE. on Nasdaq, the ratio between 1.45 and 1 had a favorable effect on progress.
The S & P 500 has released 22 new 52-week achievements and 11 new falls; Nasdaq Composite recorded 62 new and 66 new falls.