Investing.com – The Dow climbed for the second consecutive day on Wednesday on reports President Donald Trump will delay a decision on the imposition of tariffs on imported cars and parts and some signs of meltdown in the US-China trade dispute.
The increase of 0.45%, won.58%, while it rose 1.13%.
Wall Street rebounded strongly after an early fall after an increase in car stocks, with the expectation that the White House would not advance tariffs on imported cars from the EU and Japan. Reuters reported that Trump was leaning against the imposition of tariffs, citing government officials.
Ford Motor (NYSE :), General Motors (NYSE 🙂 and Fiat Chrysler increased about 1% on the day.
However, a reversal in the shares of the Macy & # 39; s (NYSE 🙂 department store prevented a bit of discretion from consumer discretionary, as the retailer warned that it could be affected by the escalation of the trade war between I know. UU And China. Macy's closed 0.5% after having risen as much as 4% at the beginning of the day.
Alibaba (NYSE :), meanwhile, ended the day higher after the fourth quarter results exceeded expectations in both the top and bottom line, thanks to a 76% increase in its cloud business.
In the industries, Boeing (NYSE) rose 0.8% after the FAA said that the aircraft manufacturer plans to present a solution for its anti-stall software for its Boeing 737 Max "in the next week or so" . Boeing shares fell by 9.45% this quarter, but increased by 7.1% in the year.
Growing energy reserves also supported the positive day on Wall Street, as fears that rising tensions in the Middle East could affect global supplies offset an unexpected buildup in US crude stocks.
In other company news, Amazon.com (NASDAQ 🙂 added to earnings after hours, as Warren Buffett's Berkshire Hathaway (NYSE 🙂 revealed he had acquired a $ 904 million stake in the e-commerce giant .
Meanwhile, the economic front offered little optimism, as negative industrial data from both the United States and China exacerbated fears that the prolonged trade dispute between countries could affect the two largest economies in the world.
"The data has been volatile in recent months, led by the changes in the cars, but the net result has been a significant weakening.Manufacturing is especially export oriented, but the weakening has exceeded the implicit degree in the data of the survey, "said Hedge Fund Economics Note.
The main winners and losers of S & P 500 today:
Coty (NYSE :), Progressive (NYSE 🙂 and Alphabet (NASDAQ 🙂 were among the main winners of the S & P 500 in the session.
Agilent Technologies (NYSE :), Charles Schwab (NYSE 🙂 and Transdigm Group (NYSE 🙂 were among the worst S & P 500 in the session.
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