Wednesday November 20th, 2019 10:11AM

Tech companies, banks lead US stocks higher; Oil price falls

By The Associated Press
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U.S. stock indexes veered higher in afternoon trading Tuesday, bouncing back from an uneven start. Gains in technology companies, banks and industrial stocks outweighed losses in household goods sellers, utilities and elsewhere in the market. Energy stocks slumped as the price of crude oil headed for its 12th straight decline. Bond prices rose, sending yields lower.

KEEPING SCORE: The S&P 500 index rose 19 points, or 0.7 percent, to 2,746 as of 12:27 p.m. Eastern Time. The Dow Jones Industrial Average added 87 points, or 0.3 percent, to 25,474. The Nasdaq composite gained 80 points, or 1.1 percent, to 7,281. The Russell 2000 index of smaller companies picked up 13 points, or 0.9 percent, to 1,532.

US-CHINA TRADE: The South China Morning Post reported Chinese President Xi Jinping's top economic adviser might visit Washington ahead of Xi's planned meeting with President Donald Trump. The newspaper, citing unidentified sources, said the visit is aimed at easing trade tensions but no schedule had been decided. The two sides have raised tariffs on billions of dollars of each other's goods in a dispute over U.S. complaints about Beijing's technology policy. Xi and Trump are due to meet during this month's Group of 20 gathering of major economies in Argentina.

THE QUOTE: "There is some good optimism that there is progress on trade at the G-20 meeting later this month," said Craig Birk, chief investment officer at Personal Capital.

TECH REBOUND: Technology stocks were trading higher, erasing some of the sector's hefty losses from a day earlier. Chipmaker Nvidia climbed 6.3 percent to $201.55.

BANK ON THIS: Financial sector stocks move higher a day after posting big losses. Synchrony Financial added 2.7 percent to $27.95.

REVVED UP: Advance Auto Parts vaulted 8.7 percent to $181.67 after the retailer reported strong quarterly results and raised its forecast.

ASSET SALE: General Electric gained 8.1 percent to $8.64 after disclosing that it will sell up to a 20 percent stake in Baker Hughes. GE, which has been struggling with sagging profits, aims to raise about $4 billion in cash from the sale.

BUY AND BUILD: D.R. Horton rose 2.3 percent to $34.66 after the homebuilder agreed to buy Westport Homes, which builds homes in Indiana and Ohio.

SPLIT DECISION: Amazon gained 0.8 percent to $1,650.65 after the booming online retailer said it would split its much-anticipated second headquarters operations between New York and northern Virginia.

COSTS A CONCERN: Home Depot fell 0.8 percent to $178 as rising costs overshadowed the home-improvement retailer's latest quarterly results, which topped Wall Street's estimates.

MIXED MEAL: Tyson Foods dropped 6 percent to $57.94 after the meat producer's quarterly earnings beat analysts' estimates, but revenue fell short. The company also issued a weak outlook, noting that it faced higher labor and freight costs.

ENERGY: The price of crude oil was headed for its 12th consecutive decline. Benchmark U.S. crude slid 4.3 percent to $57.36 a barrel in New York. Brent crude, used to price international oils, dropped 4.2 percent to $67.17 a barrel in London.

Oil prices were down after Trump tweeted that he hoped Saudi Arabia and OPEC would not cut production. The remarks come after Saudi Arabia said this week that the oil cartel and allied crude producers will likely need to cut supplies, perhaps by as much as 1 million barrels of oil a day.

The slide in oil prices weighed on energy sector stocks. Marathon Oil dropped 2.3 percent to $16.87.

BOND YIELDS: Bond prices rose. The yield on the 10-year Treasury note fell to 3.16 percent from 3.19 percent late Friday. Bond trading was closed Monday for Veterans Day.

CURRENCIES: The dollar gained to 113.99 yen from 113.86 yen on Monday. The euro strengthened to $1.1280 from $1.1240.

MARKETS OVERSEAS: European markets rose. Germany's DAX gained 1.3 percent, while France's CAC 40 added 0.9 percent. London's FTSE 100 was flat. In Asia, Tokyo's Nikkei 225 fell 2 percent. Sydney's S&P-ASX 200 declined 1.8 percent. Hong Kong's Hang Seng gained 0.5 percent. Seoul's Kospi gave up 0.4 percent and India's Sensex added 0.4 percent.

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Economy, AP Business - Financial Markets, AP Business - Industries, AP Business - Utilities
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