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US STOCKS-Wall Street rises as Apple leads rally in technology shares

Published 30/09/2019, 16:40
© Reuters.  US STOCKS-Wall Street rises as Apple leads rally in technology shares
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(For a live blog on the U.S. stock market, click LIVE/ or

type LIVE/ in a news window.)

* Apple up on JPM's iPhone volume forecast raise, Cook's

comments

* Mallinckrodt up on opioid settlement with Ohio counties

* Merck rises after promising data from cancer drug

* Indexes up: Dow 0.42%, S&P 0.45%, Nasdaq 0.41%

(Adds comment, adds details, updates prices)

By Medha Singh

Sept 30 (Reuters) - Gains in technology stocks led by Apple

lifted Wall Street's main indexes on Monday, as investors looked

past last week's reports that Washington was considering

delisting Chinese companies from U.S. stock exchanges.

Apple Inc AAPL.O rose 1.9% as Chief Executive Officer Tim

Cook told a German daily that iPhone sales were off to a strong

start, and JP Morgan raised its iPhone shipment volume forecast.

Microsoft Corp MSFT.O climbed 0.7%.

The technology sector .SPLRCT gained 0.9%, the most among

11 major S&P sectors. Only energy .SPNY and financial .SPSY

stocks were trading in the red.

Still, the main indexes were on course to end the quarter

with their worst performance so far this year, with sentiment

swinging wildly due to developments in the U.S.-China trade war

and mixed indications from domestic economic data.

Reports about the United States curbing Chinese companies'

access to U.S. capital markets had sent the S&P 500 .SPX and

Nasdaq .IXIC to a more than three-week low on Friday.

However, on Monday, White House trade adviser Peter Navarro

dismissed the reports as "fake news." U.S.-listed shares of

Alibaba Group Holding Ltd BABA.N , Baidu Inc BIDU.O and

JD.com Inc JD.O were up between 0.8% and 1.5%. "This idea of using different types of levers that impact

the trade negotiations is something that we will get accustomed

to," said Phil Blancato, chief executive officer of Ladenburg

Thalmann Asset Management in New York.

The next round of high-stakes trade talks between two of the

world's largest economies are scheduled for October.

The third quarter witnessed an escalation in U.S-China trade

tensions, the inversion of an important part of the U.S. yield

curve, a second U.S. interest rate cut and political turmoil in

Washington.

The S&P 500 and Dow are on track for their smallest

percentage gain in three quarters, with the Nasdaq heading for a

marginal decline. The benchmark index is now about 2% away from

its record high hit in July.

Click here to view the interactive graphic: https://tmsnrt.rs/2n5vkTu

At 11:23 a.m. ET, the Dow Jones Industrial Average .DJI

was up 111.73 points, or 0.42%, at 26,931.98, the S&P 500 .SPX

was up 13.30 points, or 0.45%, at 2,975.09. The Nasdaq Composite

.IXIC was up 32.57 points, or 0.41%, at 7,972.20.

Merck & Co MRK.N gained 1.5% as it presented promising

data for its Lynparza cancer drug, which it develops in

partnership with Britain's AstraZeneca AZN.L . Its shares

helped the healthcare sector gain 0.7%. In a bright spot, Newell Brands NWL.O gained 5.9% after

SunTrust Robinson Humphrey upgraded the household goods maker to

"buy" and said it expected the company's turnaround process to

continue.

The focus this week will be on economic reports, including a

pivotal jobs report and the September ISM purchasing managers

index (PMI). August's PMI data showed a contraction in the

manufacturing sector.

Advancing issues outnumbered decliners by a 1.23-to-1 ratio

on the NYSE. Declining issues outnumbered advancers for a

1.02-to-1 ratio on the Nasdaq.

The S&P index recorded 14 new 52-week highs and one new low,

while the Nasdaq recorded 17 new highs and 91 new lows.

Wall Street's third quarter performance interactive https://tmsnrt.rs/2n5vkTu

Wall Street's third quarter performance png https://tmsnrt.rs/2n60f29

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