NEW YORK, June 4 — Wall Street stocks bounced early today, winning back some of the losses from May after a weak stretch due to trade conflicts.
Analysts have described the market as primed to push higher after the Dow lost around seven per cent last month as trade relations deteriorated between China and the United States.
Briefing.com analyst Patrick O’Hare called today’s early gains a “rebound from a short-term oversold condition.”
About 20 minutes into trading, the Dow Jones Industrial Average was at 25,034.80, up 0.9 per cent.
The broad-based S&P 500 gained 0.7 per cent to 2,764.67, while the tech-rich Nasdaq Composite Index advanced 0.8 per cent to 7,390.49.
Tiffany & Co. jumped 3.1 per cent after reporting first-quarter earnings of US$1.03 per share, a penny above expectations.
CVS Health gained 3.7 per cent as it reaffirmed its 2019 earnings forecast and projecting earnings growth in the following three years.
Tech giants Amazon, Facebook and Alphabet were modestly negative after suffering big drops on Monday on reports that US regulators plan stepped-up antitrust enforcement. — AFP
