US Stocks Move Higher as Tech Companies Regain Some Ground
KEEPING SCORE: The S&P 500 index gained 7 points, or 0.3 percent, to 2,724 as of . It fell 1.4 percent Monday, its worst loss since early April. The Dow Jones Industrial Average gained 52 points, or 0.2 percent, to 24,304. The Nasdaq composite jumped 35 points, or 0.5 percent, to 7,567 after it plunged 2.1 percent a day ago. The Russell 2000 index picked up 1 point, or 0.1 percent, to 1,659.
The New York Stock Exchange was about evenly split between rising and falling stocks.
TECH:
ELECTRIFIED: GE jumped 7.3 percent to $13.68 after the company said it will sell its two-thirds stake in Baker Hughes and also divest its health care business. GE agreed to sell its distributed power business to Advent International for $3.25 billion on Monday. The company has sold numerous major businesses in recent years including its lending unit, its appliance businesses and its stake in NBC.
Tuesday was also the first day in 110 years that
BONDS: Bond prices were little changed. The yield on the 10-year Treasury note remained at 2.88 percent. Banks continued to fall, as lower interest rates reduce the profits they make on mortgages and other types of lending.
LONG WAIT: Tuesday marks five months since the S&P 500 and the Dow last closed at record highs. Just days later, the indexes dropped 10 percent in two weeks as investors reacted to signs of rising inflation and adjusted to the end of a historically calm period in the financial markets. While inflation remains in check five months later, multinational companies like those in the S&P 500 and Dow have also been hit by rising trade tensions between the
The S&P 500 is down about 5 percent from its record and the Dow has fallen almost 9 percent.
The Nasdaq, which has a high concentration of technology companies, and the smaller and more domestically-focused Russell 2000, closed at record highs on Wednesday.
ENERGY: Benchmark
CURRENCIES: The dollar rose to 109.85 yen from 109.45 yen. The euro fell to $1.1663 from $1.1704.
OVERSEAS:
AP Markets Writer Marley Jay can be reached at http://twitter.com/MarleyJayAP His work can be found at https://apnews.com/search/marley%20jay