Wall Street rose sharply, powered by bank and retail shares, as further easing of lockdowns and pledges by central banks boosted hopes for an economic recovery
Amid the recent gains, U.S. tensions with China have cast a cloud on markets.
Tech-related shares are among the most sensitive to Chinese growth, said Sameer Samana, senior global market strategist at Wells Fargo Investment Institute in St. Louis. Also on Wednesday, the Federal Reserve’s Beige Book report showed that U.S. businesses continued to be hammered by the effects of the novel coronavirus epidemic into the middle of May.
The S&P 500 posted seven new 52-week highs and no new lows; the Nasdaq Composite recorded 41 new highs and 10 new lows.
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