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Tech stocks drive Wall Street higher

Video Credit: Reuters Studio - Duration: 01:16s - Published < > Embed
Tech stocks drive Wall Street higher

Tech stocks drive Wall Street higher

Wall Street rallied for a fourth straight session on Wednesday, propelled by Apple, chipmakers and other trade-sensitive stocks after signs of progress in U.S.-China trade talks.

Fred Katayama reports.


Tech stocks drive Wall Street higher

Gains in energy and tech stocks drove Wall Street higher for a fourth straight session on Wednesday.

The S&P 500 gained less than half a percent.

Signs of progress in U.S.-China trade talks propelled Apple, chipmakers, and trade-sensitive stocks.

Gerber Kawasaki CEO, Ross Gerber: SOUNDBITE: GERBER KAWASAKI CEO, ROSS GERBER (ENGLISH) SAYING: "Investors are cautiously optimistic that we're seeing progress in trade as well as with the Fed, you know, ending the rate tightening cycle.

So if that's really the case that the Fed has ended the rate tightening cycle, we've just two people I know recently refinance their home loans because rates have come down on the long end and we get back to an environment where rates aren't sucking money in liquidity out of the markets.

So I think where we are with rates are exactly where we need to be." U.S. oil prices rose above $50 a barrell, lifting energy stocks like Marathon Oil and Chevron.

Constellation Brands shares dropped.

The brewer of Corona and Modelo beers lowered its profit outlook for fiscal 2019.

Nikkei Asian Review reported Apple had cut planned production for its three new iPhone models in the current quarter, but the shares edged higher.

In Europe, optimism that the U.S. and China could reach a trade deal drove the markets higher.

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