NEW YORK (AP) — U.S. stock indexes are rising Wednesday morning as software maker Salesforce leads a rally in technology companies. Health care stocks are also higher. Luxury retailer Tiffany is dropping after it said tourists from China pulled back on spending in its latest quarter, which hurt its sales.
Federal Reserve Chairman Jerome Powell will give a speech later in the day and investors who are worried about slowing economic growth will look for hints the Fed might be willing to raise interest rates at a slower pace.
KEEPING SCORE: The S&P 500 index added 11 points, or 0.4 percent, to 2,693 as of 11:15 a.m. Eastern time. The Dow Jones Industrial Average jumped 197 points, or 0.8 percent, to 24,946. The Nasdaq composite rose 34 points, or 0.5 percent, to 7,117. The Russell 2000 index of smaller-company stocks gained 5 points, or 0.3 percent, to 1,498.
OUT IN FORCE: Customer-management software developer Salesforce climbed 4.7 percent to $133.50 after its earnings and revenue were stronger than analysts expected. That helped pull technology companies higher. Software maker Adobe rose 3.9 percent to $241.37 and cloud computing company Citrix Systems added 1.6 percent to $110.28. Microsoft rose 1.2 percent to $108.38 and Apple picked up 0.9 percent to $175.89.
DIAMOND CUT: Tiffany skidded 11.5 percent to $92.83 after it said foreign tourists, especially from China, didn’t spend as much at its stores in its latest quarter. That contributed to disappointing sales for the company. Chinese economic growth has slowed since the government clamped down on bank lending last year as part of an effort to rein in surging debt. The U.S.- China trade dispute has also contributed to the slowdown.
Rival jeweler Signet lost 5.2 percent to $50.04.
FED SPEECH: Powell will address the Economic Club of New York on