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Stocks End Higher as Tech Shares Jump on US-China Trade Truce

5:14PM ET 7/01/2019 MT Newswires
Stocks ended broadly higher on Monday, as technology shares jumped after President Donald Trump said over the weekend that US companies would be allowed to sell equipment to Chinese handset maker Huawei Technologies.

Trump and his Chinese counterpart, Xi Jinping, met over the weekend and reached a truce in their countries' long-running trade dispute. The two sides agreed to resume talks as Trump said no new tariffs would be imposed and China agreed to new purchases of US farm products.

Tech shares advanced nearly 1.5%, led higher by chipmakers. Skyworks Solutions (SWKS) and Qorvo (QRVO) each jumped 6%, while Microchip Technology (MCHP) popped 5.4% and Micron Technology (MU) added more than 3.9%.

Financials gained more than 1.1%, led higher by blue-chip issues. JPMorgan Chase (JPM) rose 1.7%, Travelers (TRV) added 1.3% and American Express (AXP) firmed 1.2%.

Consumer discretionary shares rose nearly 0.9%, pulled higher by Nike (NKE) and Home Depot (HD), which added 1.7% and 1.1%, respectively.

The defensive utility sector fell around 0.3%. PPL (PPL) fell nearly 1.4%.

In corporate news, freight railroad company Genesee & Wyoming (GWR) jumped 8.9% after it agreed to be acquired by a group, including alternative asset firm Brookfield Asset Management's (BAM) infrastructure unit in a $8.4 billion deal that will see G&W taken private. Brookfield rose 0.9%.

Beauty company Coty (COTY) dropped 13.5% as the maker of Cover Girl makeup and Clairol hair-care products rolled out a $600 million turnaround plan to focus on fewer brands and simplify operations.

In economic news, construction spending fell 0.8% in May, weighed down as both private and public construction fell from the month before, the Census Bureau said.

Meanwhile, operating conditions across the US manufacturing sector nearly stagnated in June as new orders slowed sharply and inventories were destocked, according to the IHS Market's purchasing managers' index.

The Dow Jones Industrial Average rose 0.4% while the Standard & Poor's 500 gained nearly 0.8% to close at a new record high. The Nasdaq Composite added nearly 1.1%.