Tech leads Wall Street rebound after worst day of 2019

Tuesday, 6 August 2019 23:14 WIB

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U.S. stocks rose on Tuesday, helped by technology shares, as China stepped in to stabilize the yuan, a day after Wall Street's main indexes suffered their sharpest one-day percentage declines of the year.

The benchmark S&P 500 and Nasdaq lost at least 3% each on Monday, after China let the yuan slide, prompting the U.S. Treasury Department to label Beijing as a currency manipulator.

However, China's move to fix the yuan at a slightly stronger rate overnight allayed fears of a further escalation in trade war that has been roiling markets since last week when President Donald Trump threatened a new round of tariffs on Chinese imports.

Trade tensions ebbed also after White House economic adviser Larry Kudlow said Trump was planning to host a Chinese delegation for further talks in September.

At 11:06 a.m. ET, the Dow Jones Industrial Average was up 88.54 points, or 0.34%, at 25,806.28, the S&P 500 was up 13.31 points, or 0.47%, at 2,858.05. The Nasdaq Composite was up 54.18 points, or 0.70%, at 7,780.22.

The latest bout of losses has pulled the S&P 500 5.6% away from its all-time high hit last month.

Source : Reuters


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