Stocks end losing streak as industrials, retailers rise
NEW YORK » U.S. stocks broke a four-day losing streak Monday as industrial companies and retailers rose. Technology companies recovered some of their steep losses from last week.
Transportation and other industrial companies continued their recent rally and retailers like Nike, Home Depot and Walmart all climbed. While technology companies rose overall, Apple fell after saying a new round of bigger U.S. tariffs could push it to raise prices.
CBS slipped after it announced the departure of longtime CEO Les Moonves, and Alibaba skidded after the big Chinese internet retailer said co-founder Jack Ma will step down as chairman in 2019.
The European Union’s chief negotiator said the bloc might be able to reach a deal with Britain by early November. The British pound jumped.
Investors expect the U.S. to put new tariffs on Chinese imports soon. The Hang Seng index in Hong Kong fell again Monday after President Donald Trump again threatened to tax almost everything the U.S. imports from China. The index has tumbled almost 20 percent since late January as the dispute has escalated.
Randy Frederick, vice president of trading and derivatives for Charles Schwab, said investors feel China has much more to lose in the conflict than the U.S. does, as it exports much more to the U.S. than it imports from it.
Trader George Ettinger, foreground, works on the floor of the New York Stock Exchange.