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* Apple, Microsoft, chip stocks boost tech
* All 11 major S&P 500 sectors in the black
* Best Buy falls as FY same-store sales forecast disappoints
* U.S. dollar chains shares up after raising profit
forecasts
* Indexes up: Dow 1.12%, S&P 1.19%, Nasdaq 1.48%
(Updates to open)
By Akanksha Rana
Aug 29 (Reuters) - A rise in technology shares lifted Wall
Street on Thursday, as China sounded hopeful of a resolution to
the long-standing trade dispute with the United States, easing
investor fears of the risk of a recession.
China's commerce ministry said both sides are discussing the
next round of talks scheduled in September and hoped U.S.
officials could cancel the planned additional tariffs to avoid
an escalation, boosting sentiment and driving global stocks
higher. MKTS/GLOB
U.S. President Donald Trump said in a Fox News radio
interview that trade talks were scheduled for Thursday, "at a
different level". Tariff-sensitive tech stocks .SPLRCT jumped 1.68%, boosted
by gains in Apple Inc AAPL.O and Microsoft Corp MSFT.O .
Chipmakers which draw a large part of their revenue from
China also gained, with the Philadelphia chip index .SOX up
2.4%.
"We are seeing a bit of a softer tone that's giving
investors hope," said Peter Cardillo, chief market economist at
Spartan Capital Securities in New York.
"Perhaps the September talks might bring some fruitful
conclusions and some progress that could result in lowering
tariffs or getting serious about concluding a trade deal."
Top gainers among S&P 500 .SPX companies were shares of
Dollar General Corp (NYSE:DG) DG.N , up 9.1% after raising its full-year
profit forecast. Shares of smaller rival Dollar Tree Inc
DLTR.O rose 2.1%. At 9:52 a.m. ET, the Dow Jones Industrial Average .DJI was
up 291.29 points, or 1.12%, at 26,327.39, the S&P 500 .SPX was
up 34.39 points, or 1.19%, at 2,922.33. The Nasdaq Composite
.IXIC was up 116.10 points, or 1.48%, at 7,972.98.
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 , that reported results earlier
in the day warned of the impact from tariffs on their sales.
Shares of the U.S. consumer electronics retailer slid 9%,
while those of the teen retailer tumbled 12%. Wall Street's main indexes are on course to record their
worst monthly performance since a selloff in May, spurred by
worries that tit-for-tat tariffs will drive the global economy
into a recession.
Those fears came to the fore after the U.S. yield curve
inversion deepened earlier this week to levels not seen since
2007. US/
Advancing issues outnumbered decliners for a 6.85-to-1 ratio
on the NYSE and a 4.37-to-1 ratio on the Nasdaq.
The S&P index recorded 20 new 52-week highs and no new low,
while the Nasdaq recorded 23 new highs and 12 new lows.