Tech, re­tail help drive re­bound

The Times Herald (Norristown, PA) - - BUSINESS - By Alex Veiga

U.S. stocks notched solid gains Wed­nes­day, re­coup­ing some of the mar­ket’s losses from a day ear­lier.

Tech­nol­ogy and health care com­pa­nies drove much of the re­bound, out­weigh­ing losses in safe-play stocks like util­i­ties and real es­tate in­vest­ment trusts. Small-com­pany stocks fared better than the rest of the mar­ket.

Macy’s led a rally among re­tail­ers after re­port­ing sur­pris­ingly strong re­sults, adding to the strong wave of cor­po­rate earn­ings in re­cent weeks.

“Earn­ings growth has shown through and that’s been pri­mar­ily based on strong fun­da­men­tal growth from U.S. com­pa­nies,” said Jamie Lavin, global in­vest­ment spe­cial­ist at J.P. Mor­gan Pri­vate Bank. “And when eq­uity mar­kets are able to look through to that and we don’t have any ma­jor geopo­lit­i­cal head­lines, we tend to have stronger days in the mar­ket.”

The S&P 500 in­dex rose 11.01 points, or 0.4 per­cent, to 2,722.46. The Dow Jones in­dus­trial av­er­age gained 62.52 points, or 0.3 per­cent, to 24,768.93. The in­crease nudged the 30-com­pany av­er­age to a small gain for the year.

The Nas­daq com­pos­ite added 46.67 points, or 0.6 per­cent, to 7,398.30. The Rus­sell 2000 in­dex of smaller-com­pany stocks picked up 16.03 points, or 1 per­cent, to 1,616.37, top­ping its last all-time high in Jan­uary.

The stock in­dexes wa­vered little from their up­ward tra­jec­tory Wed­nes­day as in­vestors ap­peared


Vin­cent Pepe en­joys some fresh air out­side the New York Stock Ex­change, where he works.

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