Wall Street opens higher with tech leading the charge

2018-09-13 15:18:09 GMT (Economies.com)
Wall Street opens higher with tech leading the charge

US stock indices opened the fourth session of the week higher, with Dow Jones piercing 26,000, Standard and Poor's 500 passing through 2,900, and NASDAQ breaching 8,000 as the tech sector led the charge while trade concerns calmed down. 


Apple led the charge higher with a 1% profit after announcing a new member in the iPhone family and releasing the fourth edition of the Apple Watch focused on health aspects. 


On another note, China's foreign ministry welcomed the prospect of US officials arriving in Beijing to discuss the trade issues, in turn buoying market sentiment. 


US Inflation, Labor Data  


Earlier US data showed consumer prices rose 0.2% m/m in August, same as July, while core prices rose 0.1%, slowing down from 0.2%. 


On a yearly basis, consumer prices rose 2.7%, slowing down from 2.9%, while core prices slowed down as well to 2.2% from 2.4%. 


Unemployment claims fell a thousand in the week ending September 8 to 204 thousand, while continuing claims fell 15 thousand to 1.696 million.


Federal Reserve Governor Randal Quarles will testify on the implementation of the economic growth, regulatory relief, and the Consumer Protection Act before the Senate Banking Committee, in Washington DC, while Federal Reserve Bank of Atlanta President Raphael Bostic is due to speak about the economic outlook and monetary policy at the Mississippi Council of Economic Education later today. 


Stock Performance 


As of 02:21 GMT, Standard and Poor's 500 rose 0.42%, or 12.05 points to 2,900.97, while Dow Jones added 0.49%, or 126.46 points to 26,125.38. 


Tech-heavy NASDAQ slid 0.65%, or 51.58 points to 8,005.81. 

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