Stocks open higher on Wall Street, a day after the S&P 500 closed at a record high for the first time since February. Technology led the way higher again, and Apple edged closer to becoming the first U.S. company to be worth $2 trillion.
A man walks past an electronic stock board showing money exchange rates at a securities firm in Tokyo on May 29, 2020. Stocks were mixed in Asia on Wednesday, Aug. 19, 2020, after the S&P 500 logged a fresh all-time high.
In Europe, Germany’s DAX was up 0.3% at 12,921 and the CAC 40 in Paris also was 0.2% higher at 4,946. Britain’s FTSE 100 edged 0.2% higher to 6,095. Japan’s Nikkei 225 index gained 0.3% to 23,121.32 after the country reported its exports fell 19% in July from a year earlier, better than expected and an improvement over a 26.2% drop in June.
Tech stocks have stumbled recently amid worries that China could retaliate against U.S. moves against network equipment maker Huawei, social media company ByteDance and other Chinese technology giants by targeting U.S. chip makers and others.Overnight, Wall Street clawed back the last of the dizzying losses unleashed by the new coronavirus, as the S&P 500 picked up 0.2% to 3,389.78, surpassing its previous record closing high of 3,386.15. It was set on Feb.
“Given the immense issues of where the real economy sits as families struggle to put food on the table and fill up their cars with gas, not to mention we are nowhere near restoring pandemic economic losses as we are still adding those costs up,” he said.
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