During late morning trading on Wednesday, U.S. stocks were driven forward by gains in both the technology and healthcare sectors. The typical sector in spotlight, the tech sector, has recorded losses for the last five trading sessions, with its largest drop recorded on Tuesday following the reports of lukewarm demand for the iPhone X, which brought down Apple shares and its suppliers were along for the ride down as well.
“Ever since September, technology stocks have had some momentum left behind them,” said Kim Forrest, senior equity research analyst. “After a last couple of days – Apple and its suppliers were down and perhaps that was an overreaction – people are buying what they hope to be bargains” Forrest added.
Trading volumes were low in the holiday-shortened week following the Christmas holiday.
At 10:55 a.m. ET, the Dow Jones Industrial Average was up 36.36 points or 0.15 percent reaching 24,782.57 and the S&P 500 was up 4.28 points or 0.16 percent reaching 2,684.78. The Nasdaq Composite also showed an increase of 17.37 points or 0.25 percent reaching 6,953.62.
Oil prices decreased following the previous session nearing two-and-a-half year high, putting pressure on the S&P energy index, which showed a loss of 0.29 percent
THE HERALD FINANCE REPORT
Start your workday the right way with the news that matters most.
ConocoPhillips fell 1.5 percent and Chevron dropped 0.5 percent. Johnson & Johnson and Pfizer both showed a 0.5 percent increase, supporting the S&P healthcare sector .
Tesla shares dropped more than 1 percent after the brokerage KeyBanc reduced its forecast of Model 3 deliveries by nearly one third, from 15,000 units to about 5,000 units, for the fourth quarter. Shares of the wireless-charging tech maker, Energous Corp, surged nearly 80 percent after receiving certification for its wireless charging transmitter.
On the NYSE, advancing issues outnumbered decliners by 1,717 to 993 and as for the Nasdaq, 1,835 issues advanced while 894 declined.