Worries about escalating trade tensions slammed US stocks early yesterday, but investors were reassured later in the day by comments from officials in Washington that downplayed the tensions. Major US indices finished more than one per cent higher.
About 15 minutes into today’s trading, the Dow Jones Industrial Average stood at 24,426.81, up 0.7 per cent.
The broad-based S&P 500 rose 0.4 per cent to 2,656.03, while the tech-rich Nasdaq Composite Index advanced 0.6 per cent to 7,084.75.
The gains came as data showed the US trade deficit widened in February for the sixth straight month, hitting a fresh nine-year record.
Facebook rose 2.9 per cent as investors greeted reassurances from chief executive Mark Zuckerberg that the social network’s business remains solid despite a user data scandal.
Facebook also said yesterday the personal data of up to 87 million users had been improperly shared with British political consultancy Cambridge Analytica, much higher than the 50 million originally reported.
Other tech stocks also rose yesterday, with Amazon, Expedia and Netflix all gaining more than one per cent. — AFP
Source: The Malay Mail Online