TPI Composites files for Chapter 11 bankruptcy, plans delisting from Nasdaq
* All 11 major S&P 500 sectors climb, tech leads
* Best Buy falls on weak same-store sales forecast
* Dollar General climbs after raising profit forecast
* Dow up 1.39%, S&P 500 up 1.39%, Nasdaq up 1.61%
(Updates to midafternoon, changes byline)
By Chuck Mikolajczak
NEW YORK, Aug 29 (Reuters) - Wall Street's main indexes
rallied on Thursday, led by the trade-sensitive technology and
industrial sectors, as China sounded hopeful on trade
negotiations with the United States, easing concerns that more
combative stances could stoke a recession.
China's commerce ministry said both sides are discussing the
next round of talks scheduled in September but progress would be
determined by whether Washington could create favorable
conditions.
President Donald Trump said in a Fox News radio interview
that trade talks were scheduled for Thursday "at a different
level," but did not provide additional details. "Certainly (trade) is the fundamental point that is
occurring right now, all this other stuff is just noise that
allows either the computer programs or the certain participants
in the marketplace to go ahead and push the market around one
way or the other," said Keith Bliss, managing partner and CEO of
IQ Capital USA LLC in New York.
"When the market pukes the way it has done lately, and the
volatility really spikes, people should be in there buying the
market with both hands."0
Heavyweight tech stocks with tariff exposure, such as Apple
AAPL.O , up 1.59% and Microsoft MSFT.O , up 2.02%, boosted the
technology sector by 1.87% and put it on track for its best day
since Aug. 13.
Chipmakers, which draw a large part of their revenue from
China, also gained, sending the Philadelphia semiconductor index
.SOX up 2.57%.
Industrial names that have also been highly correlated to
trade progress, such as United Technologies (NYSE:UTX) UTX.N , advanced,
with the sector up 1.96%.
The Dow Jones Industrial Average .DJI rose 362.46 points,
or 1.39%, to 26,398.56, the S&P 500 .SPX gained 40.25 points,
or 1.39%, to 2,928.19 and the Nasdaq Composite .IXIC added
126.65 points, or 1.61%, to 7,983.54.
Still, the three main indexes were on course to log their
worst monthly performance, and first monthly decline, since a
selloff in May, on worries the intensified trade battle between
the world's two largest economies will lead to a global
recession.
The Trump administration on Wednesday made official its
additional 5% tariff on $300 billion in Chinese imports and set
collection dates of Sept. 1 and Dec. 15, prompting several
hundreds of U.S. companies to warn of price hikes. A number of companies, including Best Buy Co Inc (NYSE:BBY) BBY.N and
Abercrombie & Fitch Co ANF.N , reported results earlier in the
day and warned of the impact from tariffs on their sales.
Shares of the U.S. consumer electronics retailer slid 8.16%,
as one of the worst performing issues on the S&P 500, while
those of the teen retailer tumbled 13.63%. Dollar General Corp (NYSE:DG) DG.N was the best performer among S&P
500 .SPX companies as its shares jumped 11.08% on an upbeat
full-year profit forecast and the S&P retail index .SPXRT
climbed 1.79%. Advancing issues outnumbered declining ones on the NYSE by a
3.5-to-1 ratio; on Nasdaq, a 3-to-1 ratio favored advancers.
The S&P 500 posted 26 new 52-week highs and no new lows; the
Nasdaq Composite recorded 38 new highs and 47 new lows.