US STOCKS-Wall St rebounds as technology, industrial…

By Amy Caren Daniel

July 12 (Reuters) – Technology and industrial stocks led Wall Street higher on Thursday as some big deals and optimism about the earnings season helped offset fears about a U.S-China trade war.

CA Inc jumped 18.1 percent, the most on the benchmark S&P 500 index, after chipmaker Broadcom announced a surprise $18.9 billion deal to buy the U.S. business software company. Broadcom fell 16.8 percent, leading S&P losers.

Comcast gained 0.7 percent after it made a $34 billion bid for European pay-TV group Sky, trumping an offer from 21st Century Fox. Shares of Rupert Murdoch’s company inched up 0.3 percent.

Nine of the 11 major S&P sectors were higher, led by the S&P 500 technology sector’s 1 percent gain. The industrial sector rose 0.6 percent.

On Wednesday, industrials led a slide on Wall Street after the U.S. threatened to impose tariffs on an additional $200 billion worth of Chinese goods. China said on Thursday the two countries have not been in touch about restarting talks and while it does not want a trade war, it would fight if necessary.

“There still seems to be some hope that common sense will prevail and a full-blown trade war will be averted.” Craig Erlam, senior market analyst at online forex broker Oanda, said in a note.

Boeing and Caterpillar, which have been among the hardest hit by the recent trade dispute, rose about 1 percent and were among the Dow’s biggest boosts.

At 10:05 a.m. EDT the Dow Jones Industrial Average was up 169.07 points, or 0.68 percent, at 24,869.52, the S&P 500 was up 14.72 points, or 0.53 percent, at 2,788.74 and the Nasdaq Composite was

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