(For a live blog on the U.S. stock market, click LIVE/ or
type LIVE/ in a news window.)
* Financials rise after sell-off
* Energy shares up the most among 11 major S&P sectors
* Autodesk drops after FY earnings forecast cut
* Indexes up: Dow 0.74%, S&P 0.58%, Nasdaq 0.41%
(Updates prices, comments)
By Akanksha Rana
Aug 28 (Reuters) - Gains in financial shares helped U.S.
stocks reverse early losses on Wednesday, although investors
were guarded amid worries about a recession and trade tensions
between the United States and China.
The financial sector .SPSY was up 0.88%, clawing back some
of the losses from the previous session that was triggered by a
deepening of the U.S. Treasury yield curve inversion, widely
considered as a harbinger of a slowdown. US/
Gains in the benchmark S&P 500 index .SPX were also
supported by a 1.44% jump in energy .SPNY stocks after
industry data showed a fall in stockpiles of U.S. crude,
boosting oil prices.
Oil majors Chevron Corp (NYSE:CVX) CVX.N and Exxon Mobil Corp (NYSE:XOM) XOM.N
rose nearly 1%. O/R
"It's the last real vacation week of the year in terms of
summer so there are not a lot people around. You are also not
seeing any new reasons in the overnight for people to sell the
market," said Peter Kenny, founder of Kenny's Commentary LLC and
Strategic Board Solutions LLC in New York.
Investors are also awaiting the monthly jobs report and
manufacturing data next week to gauge the pace of interest rate
cuts.
The U.S. Trade Representative's office on Wednesday also
reaffirmed President Donald Trump's plans to impose an
additional 5% tariff on a $300 billion list of Chinese imports
starting on Sept. 1 and Dec. 15.
At 11:52 a.m. ET, the Dow Jones Industrial Average .DJI
was up 191.68 points, or 0.74%, at 25,969.58, the S&P 500 .SPX
was up 16.52 points, or 0.58%, at 2,885.68. The Nasdaq Composite
.IXIC was up 31.72 points, or 0.41%, at 7,858.67.
Technology stocks slipped 0.1%, pressured by declines in
shares of Microsoft Corp MSFT.O and Autodesk Inc ADSK.O .
Shares of the AutoCAD software maker slumped 9%, the most on
the S&P 500, after the company cut its full-year earnings
forecast.
Coty Inc COTY.N rose 4.5% after the cosmetics maker raised
its full-year revenue forecast, betting on a multi-year
turnaround plan that involves increased investments in
advertising and cost cuts. Shares of Hewlett Packard Enterprise Co HPE.N added 3.8%
after the company beat profit estimates and raised its 2019
adjusted earnings forecast. Advancing issues outnumbered decliners by a 2.91-to-1 ratio
on the NYSE and by a 2.64-to-1 ratio on the Nasdaq.
The S&P index recorded seven new 52-week highs and 38 new
lows, while the Nasdaq recorded 19 new highs and 134 new lows.