Tech stocks powered Wall Street higher Wednesday. Lifting investor sentiment: hopes for progress in U.S.-China trade talks. But stocks pared some gains in the afternoon after Chinese officials said Beijing had lowered expectations for negotiations. The S&P 500 tacked on 9-tenths percent; the Nasdaq up 1%.
Gerber Kawasaki financial advisor Benjamin Dunbar:
SOUNDBITE: GERBER KAWASAKI FINANCIAL ADVISOR BENJAMIN DUNBAR (ENGLISH) SAYING:
"I don't think investors should trust the headlines. You're hearing different noise from different people out of the White House. We need to focus on the economic numbers that come out."
The Financial Times reported Beijing was offering to boost its purchases of U.S. farm goods, and Bloomberg reported China was still open to a partial trade deal. The news drove up tech stocks, especially shares of chip makers that have a sizable exposure to China.
Johnson & Johnson shares declined. A jury ordered the drug maker to pay $8 billion to a man who accused it of failing to warn that young men using its antipsychotic drug Risperdal could grow breasts.
Netflix shares fell. Two analysts cut their price targets on the video streaming service provider citing heightened competition for content and subscriber growth.