NEW YORK (Reuters) – Wall Street was pushed higher on Wednesday by tariff-sensitive technology and industrial shares after China extended an olive branch ahead of next month’s trade negotiations with the United States.
FILE PHOTO: Traders work on the floor at the New York Stock Exchange (NYSE) in New York, U.S., September 9, 2019. REUTERS/Brendan McDermid
Apple Inc (AAPL.O) led the charge, buoying all three major stock averages the day after it unveiled its latest iPhone upgrade and announced the launch date of its Apple TV+ streaming service. Its shares gained 2.6%, lifting the company’s value above the $1 trillion mark.
The blue-chip Dow was on course for its sixth straight daily advance.
China announced tariff exemptions for a basket of U.S. goods, a move viewed by many investors as a show of good faith just days ahead of planned talks aimed at resolving the long-running trade war, which has rattled markets and bruised world economies.
However, a senior White House adviser urged investors to be patient in an effort to curb expectations for the trade talks scheduled to take place next month in Washington.
“There’s an element of improved trade optimism,” said Chuck Carlson, chief executive at Horizon Investment Services in Hammond, Indiana. “But the bigger element is what we’ve seen over the last few days where investors are more willing to put more money into the value side of the equation.”
“To see value (stocks) having some nice days speaks to this idea of improving breadth in the market,” Carlson added.
In a series of morning tweets, President Donald Trump called on the U.S. Federal Reserve to slash interest rates into negative territory, a move typically seen as a last-ditch effort revive sluggish economies.
“It’s been this raging friction between Trump and the Fed,” said Mark Luschini, chief investment