U.S. stocks edged higher on Wednesday, extending a strong start to the quarter a...
NEW YORK - U.S. stocks edged higher on Wednesday, extending a strong start to the quarter as a rally among chipmaker shares provided a boost to the broader market on growing hopes of a trade deal between Washington and Beijing.
Advanced Micro Devices Inc shares gained 8.5%, the most on the S&P 500, and Intel Corp shares rose 2.0% after Nomura Instinet started coverage of both the stocks with “buy” ratings. “It’s the push-and-pull hope of a trade deal versus the stark reality of disappointing economic news,” said Oliver Pursche, chief market strategist at Bruderman Asset Management in New York.
Still, dovish Federal Reserve and trade hopes set the stage for a strong start to the quarter. The S&P 500’s gains put the benchmark stock index just 2% below a record high set in September. Advancing issues outnumbered declining ones on the NYSE by a 1.51-to-1 ratio; on Nasdaq, a 1.43-to-1 ratio favored advancers.
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