Stocks drifted to a mixed close on Wall Street on Wednesday, holding on to most of the gains they made earlier in the week after the US and China declared a temporary cease-fire in their trade war.
- The S&P 500 rose 6.03 points, or 0.1%, to 5,892.58.
- The Dow Jones Industrial Average fell 89.37 points, or 0.2%, to 42,051.06.
- The Nasdaq composite rose 136.72 points, or 0.7%, to 19,146.81.
Most stocks in the S&P 500 lost ground, but solid gains for several heavyweight technology companies like Nvidia, which rose 4%, helped pull the index higher, the
AP reports.
Super Micro Computer surged 16% after signing a partnership agreement with Saudi Arabian data center company DataVolt. Advanced Micro Devices jumped 4.3% after announcing a $6 billion stock buyback program. Other big gainers included eToro Group, a retail trading platform for stocks and cryptocurrencies. It rose 28.9% in its first day of trading. American Eagle fell 6.1% after the retailer withdrew its financial outlook for the year citing "macro uncertainty." General Motors, UPS, Kraft Heinz, and JetBlue are among the many companies representing a wide range of industries that have warned about the impact of tariffs and a weakening economy
The benchmark S&P 500 index, which sits at the center of many 401(k) accounts, has erased all of its losses since President Trump escalated his global trade war in early April and is back to within 4.1% of its all-time high set in February. "The stock market's rally has legs, as the trade negotiation with China was seemingly the toughest one on the docket," said Rick Gardner, chief investment officer at RGA Investments. More than 90% of companies in the S&P 500 have reported earnings for their latest quarter. The majority of companies have reported better-than-expected earnings, but forecasts for earnings growth during the current quarter have been broadly cut in half for companies in the index.
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