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On Wednesday, the S&P 500 as well as the Nasdaq reached record maximums for the fourth straight session in a surge led by technology businesses because market sentiment was backed by optimism over everlasting trade talks.
Apple Inc led the technology sector's jump because the iPhone maker's equities reached an all-time maximum. The sector pushed all three key American indexes up.
Besides this, the FAANG group of momentum equities was also boosted by Morgan Stanley's price target leaps for Amazon.com as well as Alphabet Inc. The remaining FAANG equities, Netflix Inc and Facebook dived a bit.
The Commerce Department uncovered its second reading of second-quarter GDP, disclosing that the American economy rallied at an upwardly-updated annual rate of about 4.2% in the quarter, which is its best performance for almost four years.
Moreover, the Dow Jones Industrial Average rallied by 0.21% hitting 26,119.37. As for the S&P 500, it managed to jump by 0.49% showing 2,911.83. The Nasdaq Composite soared by 0.84% coming up with 8,097.58.
Of the 11 key sectors of the S&P 500, 7 found themselves in positive territory. As for the largest percentage profits, they were observed in the consumer discretionary as well as technology sectors.
By the way, consumer discretionary equities were boosted by Amazon.com's 3% jump.
Restaurant operator Yum China Holdings Inc managed to extend its surge. It added 5.2% having rejected a $17.6 billion buy-out bid from China’s consortium.
The equities of American Eagle Outfitters Inc went down by 7% having posted gloomy second quarter outcomes.
As for other specialty apparel retailers, they inched down too.
On the NYSE, advancing issues managed to outclass diving ones by a 1.68-to-1 ratio.
The S&P 500 reported 58 fresh 52-week maximums as well as 1 fresh minimum. The Nasdaq Composite demonstrated 101 fresh maximums and 20 new minimums.
On Wednesday, American stock index futures headed south because dismal data out of China affected market sentiment, while traders waited for more developments related to the US-China trade conflict…
On Wednesday, Italian stocks led losses in the European Union right after the country's deputy prime minister told that Rome considers breaking EU fiscal rules, thus masking early revenue powered by optimism around the US-China trade conflict…
On Tuesday, another US-China tariff conflict escalation put pressure on Asian stocks, although remarks from American leader that he expects trade talks to be successful backed market sentiment…
In July, Britain's inflation rate rallied for the first time in 2018, thus leaving many UK households feeling quite squeezed by prices, soaring at nearly the same tempo as their wages…
On Friday, the evergreen buck rallied versus its counterparts after data disclosed that the American economy generated more jobs than anticipated In October, thus backing the Fed’s case to proceed with gradual rate lifts…
On Tuesday, gold rallied because uncertainty over the latest developments in Britain’s departure from the EU backed safe haven demand and traders looked ahead for American inflation data to underpin the Fed’s pledge to remain on hold…
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