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Wall Street Gathers on Temporary Ceasefire By Reuters




. © Reuters. Traders work at the New York Stock Exchange (NYSE) in New York City

by Shreyashi Sanyal

(Reuters). US equities rose on Monday, supported by gains in trade-sensitive industrial and technology stocks The United States and China agreed to a temporary trade relief.

Washington and Beijing agreed to a 90-day ceasefire during the G20 summit in Argentina on Saturday, and US President Donald Trump said China has agreed to "reduce and eradicate" the tariffs listed below Percent level that the country currently charges for US-made vehicles.

However, the White House also said that the existing 1

0 percent tariff on Chinese goods worth $ 200 billion would be raised to 25 percent if no agreement were reached within 90 days.

Strong gains at Apple Inc. (O 🙂 and Microsoft Corp. (O 🙂 increased the technology sector () by 1.76 percent.

Apple grew by 1.8 percent. was hit by worries over the ne last week this pay round may have been put on the company's iPhones.

"Sectors such as the technology were somewhat hit because of their international orientation, as we are in up mode today and want to see investors return," said Randy Frederick, vice president for trade and derivatives of Charles Schwab [19659009] (NYSE 🙂 in Austin, Texas.

Trade in sensitive industrial sectors () increased 1.87 percent (at Bellwethers). 19659008] Caterpillar Inc. (N 🙂 and Boeing Co (N 🙂 each increased 5 percent.

The benchmark index S & P 500 () and the Nasdaq () reached a high of more than three weeks.

US automakers General Motors Co (N :), Ford Motor Co (N 🙂 and Tesla Inc. (O) rose between 2.4 and 4.0 percent.

The Energy Stocks () rose 2.0 percent as Crude Oil Exxon Mobil Corp. (N) gained 1.5 percent and Chevron Corp. (N) 2.0 percent to.

"Most of us had hoped that we would come out of these talks with no new fares and a break, which is ultimately what we got," Frederick said.

The consumer discretionary sector () gained 2.1 percent, helped with 4.2 percent of Nike Inc. (N) and 4.0 percent at Amazon.com Inc. (O :).

JP Morgan said Nike sales growth in North America would accelerate in the second quarter and third quarter compared to the first quarter.

At 10:02 ET, the Dow Jones Industrial Average () rose 333.80 points, while S & P and NASDAQ increased more than one percent.

Having weathered much of the crisis over the past two months, Wall Street has posted its biggest weekly gain in nearly seven years in the last week, hoping that a ceasefire between the world's top two economies could be achieved.

The Philadelphia Semiconductor Index () rose 2.8 percent to its highest level in more than a month, driven by strong price gains for US chipmakers with the highest exposure to China.

Advanced Micro Devices Inc. (O:) rose 9.2 percent.

Among some weaknesses, the defensive real estate sector fell by 0.25 percent <.splrcr>utilities () fell 0.54 percent and consumer staples () 0.61 percent, the S & P's only three sectors acted low er.

Increasing problems outweighed the decline in the NYSE of 3.32 to 1 and the Nasdaq of 2.12 to 1.

The S & P index recorded 30 new highs of 52 weeks and none new lows, while the Nasdaq recorded 55 new highs and 26 new lows.


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