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S & P hovers at five-month highs, Amazon hits $ 900 billion market cap



(Reuters) – The benchmark S & P 500 remains at five-month highs on Wednesday as a rise in financial and industrial stocks due to a drop in technology stocks. REHTERS / Brendan McDermid

On a day when highly valued FAANG stocks weighed on the market, Amazon. com ( AMZN.O ) became the second company after Apple ( AAPL.O ) to top $ 900 billion in market value, before retreating.

Morgan Stanley ( MS.N ), which gained profits from big banks, gained 3 percent of its profit from topped analysts' estimates of gains in fixed income and equities trading businesses.

Berkshire Hathaway's Class B shares ( BRKb.N ) jumped 4.7 percent after the conglomerate was eliminated.

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Financials .SPSY rose 1.41 percent, the most among the 11 major S & P sectors, followed by the industrial group's .SPLRCI 1.07 percent increase.

The United States (19459026] UAL.N ) and railroad CSX Corp. CSX.O hauls. UAL therefore raises its 2018 profit forecast, sending its shares up 8.5 percent and boosting other airline stocks. CSX rose 5.5 percent and pushed shares of other railroad operators higher.

Mark Heppenstall, chief investment officer at Penn Mutual, said: "Markets are going to stay a little bit higher and in the midst of slower trading Asset Management, in Horsham, Pennsylvania.

Federal Reserve Chairman Jerome Powell, in his testimony before the House's Financial Services Committee, repeated on Wednesday. and global expansion.

"Powell's testimony is the big topic of the day, but I do not think he's going to say that either way," he said.

At 11:41 a.m. EDT the Dow Jones Industrial Average .DJI was up 61.29 points, or 0.24 percent, at 25,181.18, the S & P 500 .SPX was up 3.41 points, or 0.12 percent, at 2,812.96 and the Nasdaq Composite .IXIC was down 5.21 points, or 0.07 percent , at 7,849.91

Eight of the 11 main S & P 500 sectors were lower, led by the defensive utilities. SPLRCU and consumer staples. SPLRCS sectors.

The energy sector .SPNY slipped 0.49 percent, but pared losses on a surprise build in U.S.. crude inventories. [O/R]

IBM ( IBM.N ) dipped 0.3 percent, while American Express ( AXP.N ) gained 1.3 percent ahead of their results after the bell.

Declining issues outnumbered advancers for a 1.01-to-1 ratio on the NYSE and for a 1.12-to-1 ratio on the Nasdaq.

The S & P index recorded 25 new 52-week highs and no new lows, while the Nasdaq recorded 69 new highs and 34 new lows.

Reporting by Amy Caren Daniel in Bengaluru; Editing by Arun Koyyur

Our Standards: The Thomson Reuters Trust Principles.

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