Economy

Wall St rises as tech stocks bounce back

Wall St rises as tech stocks bounce back”

Gains for health care and technology stocks helped hem in losses for broader market indexes.

"With oil entering the so-called bearish territory, the market is looking at the negatives of lower oil prices and not necessarily the benefits of lower oil prices", said Peter Cardillo, chief market economist at First Standard Financial.

FedEx was up about 1 percent after the package delivery company reported a quarterly profit that beat analysts' estimates and forecast higher earnings for fiscal 2018.

At 9:43 a.m. ET (1143 GMT), the Dow Jones Industrial Average .DJI was up 75.35 points, or 0.35 percent, at 21,459.63, the S&P 500 .SPX was up 11.35 points, or 0.46 percent, at 2,444.50.

Oil has lost 20 percent in value this year as a global oversupply continues to weigh on prices despite efforts by producers to reduce output. Even a report showing that the amount of supplies in USA inventories shrank last week did little to alter the tide. Hong Kong's Hang Seng index dropped 0.5 percent to 25,717.22.

Asian markets were mostly lower Wednesday after overnight losses on Wall Street. "If we get below $40, I think you'll get people adjusting their expectations".

BUYOUT BOOST: PerkinElmer, which sells testing equipment and scientific instruments, jumped $1.59, or 2.5 percent, to $65.16 for one of the largest gains in the S&P 500 after it agreed to buy EUROIMMUN Medical Laboratory Diagnostics of Germany for $1.3 billion in cash.

Stocks are opening slightly higher on Wall Street, led by gains in health care and technology companies.

Natural gas sank 14 cents, or 4.5 percent, to $2.90 per 1,000 cubic feet. Its customers have been shifting toward higher-priced and more profitable products for the company, such as leather. The move, which will begin next year, will likely cause big shifts of money into mainland Chinese stocks by mutual funds and other investors that track the index.

In overseas markets, the Shanghai composite rose 0.5 percent after index provider MSCI said it will include 222 of what are called Chinese A-shares in its widely followed Emerging Markets index.

CHINA WATCH: Investors are closely watching the MSCI decision on China A-share inclusion to indexes, expected later in the day.

Red Hat jumped 10.7 percent to $99.61 after the Linux operating system distributor's second-quarter forecast came in above expectations, prompting a slew of price target lifts by brokerages.

US stocks were higher in late morning trading on Monday, with the S&P 500 and Dow Jones Industrial Average hitting yet another record high, as technology stocks rebounded after recent losses.The S&P technology sector is coming off its second straight weekly decline, triggered by fears of stretched valuations and investors moving money to other sectors. Apple fell 0.5 percent and Microsoft gave up 0.4 percent. The Nasdaq composite rose 34 points, or 0.6 percent, to 6,222. The euro fell to $1.1156 from $1.1194.

The Standard & Poor's 500 index rose 10 points, or 0.5 percent, to 2,444.

The dollar rose to 111.54 Japanese yen from 110.84 yen late Friday.



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