Home Business Stocks – Wall Street Rises; Investors Happy With Trump Tariffs U-Turn – Investing.com

Stocks – Wall Street Rises; Investors Happy With Trump Tariffs U-Turn – Investing.com

6 min read

Investing.com – Stocks rallied for a fifth day, with investors relieved the United States did not impose a 5% tariff on goods shipped in from Mexico.

The finished up 0.47%. The added 1.05% and the was up 0.30%.

If there was a downside to the day’s gains, it was that the major averages pulled back noticeably from their highs of the day. The S&P 500 had been up nearly 16 points before dropping back to a 13.3-point gain. The Nasdaq’s 153-point gain slid to 81 points, and the Dow’s 227-point gain fell nearly two thirds to just under 79 points.

Profit-taking was a part of the pullback. The S&P had been up as much as 7.6% at Monday’s high from its June 3 close, the day before the uptick began. But there was probably some market unease that the Trump Administration’s gaining Mexico’s promise to limit illegal immigration wasn’t quite as dramatic as claimed. In addition, the president complained on Monday that the Federal Reserve was too independent and that interest rates were too high.

Bond yields did rise slightly from Friday. The rose to 2.143% from Friday’s 2.084%. The yield is still, however, off more than 20% in 2019. And prices fell on worries that markets could see a glut this summer. fell 73 cents to $53.26. dropped $1 to $62.29.

Technology shares were among the day’s biggest winners. Amazon.com (NASDAQ:), Apple (NASDAQ:) and Microsoft (NASDAQ:) had solid days. Microsoft hit a 52-week high of $134.08 during the session, The shares finished up 0.91% and a market capitalization above $1 trillion for a second day in a row. (For those counting, it was $1.016 trillion.)

Only eight of the 30 Dow stocks were lower, with United Technologies (NYSE:) off 3.1% after agreeing to acquire Raytheon (NYSE:) in an all-stock deal that would create the second-largest defense contractor after Boeing (NYSE:). Nearly 320 of the stocks in the S&P 500 were higher, along with 81 stocks in the index. The index was up 1.1% on the day.

Salesforce.com (NYSE:) shares tumbled after the company said it was buying Seattle-based Tableau Software (NYSE:) in a $15.7 billion all-stock deal. Tableau, which makes visualization software, jumped 33.7%.

Patrick Hanrahan, a co-founder of Tableau, will likely become a billionaire from the deal. He won Oscars for technical achievement while working at Disney ‘s (NYSE:) Pixar Animation Studios.

S&P 500 Winners and Losers

Department-store operator Macy’s (NYSE:), chipmaker Analog Devices (NASDAQ:) and plastics-and-chemicals producer LyondellBasell Industries (NYSE:) were among the top S&P 500 stocks on the day.

Salesforce.com (NYSE:), biopharmaceutical company Incyte (NASDAQ:) and energy producer Cabot Oil & Gas (NYSE:) were among the biggest S&P 500 losers.

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