The benchmark S&P 500 stock index edged higher, nearing a six-month high on Thur...
NEW YORK - The benchmark S&P 500 stock index edged higher, nearing a six-month high on Thursday, with losses in technology stocks countered by gains in Boeing Co and Facebook Inc as investors waited for more clarity on the U.S.-China trade talks.
U.S. President Donald Trump is set to meet Vice Premier Liu He, who is leading the Chinese side in the talks, on Thursday. “You look at the jobless claims number, you’re seeing potential progress on a trade deal,” said Shannon Saccocia, chief investment officer at Boston Private. “That’s why there’s a little bit more of a pick-up here.”
Facebook rose 1.4%, contributing to a 0.7% gain in the communication services sector, after brokerage Guggenheim upgraded the social media company’s stock to “buy” from “neutral.” But the Nasdaq snapped a five-day run of gains, as it was pressured by a fall in the shares of Microsoft Corp and Tesla Inc.They pared some losses in afternoon trading as Chief Executive Elon Musk’s role at the company appeared safe, with a federal judge in Manhattan urging the billionaire to settle contempt allegations by the Securities and Exchange Commission.Advancing issues outnumbered declining ones on the NYSE by a 1.82-to-1 ratio; on Nasdaq, a 1.31-to-1 ratio favored advancers.
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