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* Financials rebound after sell-off
* Energy shares up the most among 11 major S&P sectors
* Autodesk drops after FY earnings forecast cut
* Indexes up: Dow 0.84%, S&P 0.62%, Nasdaq 0.38%
(Updates to early afternoon)
By Akanksha Rana and Shreyashi Sanyal
Aug 28 (Reuters) - U.S. stocks recovered from early losses
on Wednesday, helped by financial stocks, although investors
were guarded as worries about a recession loomed and trade
tensions between the United States and China dragged on.
The financial sector .SPSY was up 1.03%, 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 1.7% 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 12:59 p.m. ET, the Dow Jones Industrial Average .DJI
was up 216.62 points, or 0.84%, at 25,994.52, the S&P 500 .SPX
was up 17.67 points, or 0.62%, at 2,886.83. The Nasdaq Composite
.IXIC was up 29.70 points, or 0.38%, at 7,856.65.
Technology stocks .SPLRCT dipped 0.06%, pressured by
declines in shares of Microsoft Corp MSFT.O and Autodesk Inc
ADSK.O .
Shares of the AutoCAD software maker slid 8.1%, the most on
the S&P 500, after the company cut its full-year earnings
forecast.
Shares of Tiffany & Co TIF.N rose 2.8% after the luxury
jeweler reported quarterly earnings above analysts' estimates.
Coty Inc COTY.N rose 4.4% 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. Hewlett Packard Enterprise Co's HPE.N shares added 3.7%
after the company beat profit estimates and raised its 2019
adjusted earnings forecast. Advancing issues outnumbered decliners by a 2.87-to-1 ratio
on the NYSE and by a 2.51-to-1 ratio on the Nasdaq.
The S&P index recorded seven new 52-week highs and 38 new
lows, while the Nasdaq recorded 20 new highs and 140 new lows.