Wall Street gains as Apple, tech rebound; oil lifts energy shares

NEW YORK — US stocks rose on Tuesday as Apple led a jump in technology shares and a gain of more than two percent in oil prices drove up energy shares.

Apple rose 2.5%, boosting the three major indexes, a day ahead of its expected unveiling of new iPhone models.

The S&P technology sector gained 0.8%, its biggest percentage jump in two weeks, also boosted by Microsoft, up 1.7%, and Facebook, up 1.1%.

“That’s been the main fuel for the market,” said Alan Lancz, president of Alan B. Lancz & Associates, Inc, an investment advisory firm based in Toledo, Ohio.

“Maybe tech has taken the punch and is recovering, and investors are getting more confident that the leader is back.”

The technology sector is up close to 18% for the year so far, leading sector gains in the S&P 500 along with consumer discretionary, also up roughly 18% since Dec. 31.

The energy index, up one percent, helped to lift the S&P 500, with shares of Exxon Mobil up 1.4% and Chevron up 0.5%. Oil prices rose after US sanctions squeezed Iranian crude exports and tightened global supply.

The Dow Jones Industrial Average rose 113.99 points or 0.44% to 25,971.06; the S&P 500 gained 10.76 points or 0.37% to 2,887.89; and the Nasdaq Composite added 48.31 points or 0.61% to 7,972.47.

Also gaining were shares of companies that could see a boost in sales in the aftermath of Hurricane Florence, which was upgraded to Category 4 and was expected to make landfall in the Carolinas later this week.

Home improvement retailer Home Depot was up 1.5% and Lowe’s Companies was up 1.6%, while shares of construction material companies also rose.

The gains came despite lingering trade tensions. China told the World Trade Organization it wanted to impose sanctions on the US for its noncompliance with a ruling in a dispute over US dumping duties.

President Donald Trump on Friday last week had threatened to slap tariffs on nearly all Chinese imports.

Western Digital slid 3.6% after RBC echoed other brokerages in warning that falling NAND chip prices would hit the company.

Activision Blizzard jumped 7.1% and Take-Two Interactive Software gained 3.7% after brokerage Stifel forecast a strong reception for their videogames in the holiday period.

Advancing issues outnumbered declining ones on the NYSE by 1.06 to one; on Nasdaq, a 1.15-to-one ratio favored decliners. The S&P 500 posted 37 new 52-week highs and 14 new lows; the Nasdaq Composite recorded 106 new highs and 98 new lows. —