Stocks Inch Higher, Powered by Apple
September 11,2019 10:16 am EST
Stocks traded slightly higher on Wednesday as Apple added to its gains from the previous session after unveiling a slew of new products.
The Dow Jones Industrial Average threatened to run its win streak to six sessions Wednesday, with a gain of 22.87 points at the opening to 26,932.30
The S&P 500 added 36.6 points to 2,983.83
The NASDAQ Composite recouped 36.6 points to 8,120.75
Apple shares traded 1.5% higher after climbing more than 1% on Tuesday. The tech giant unveiled three new iPhones on Tuesday along with a new Apple Watch and a TV subscription service. Apple also showcased a gaming subscription called Apple Arcade.
Apple''s gains gave the tech sector a much-needed lift. The sector rose about 0.2% after starting the week with a 1.2% decline.
On the data front, investors digested key inflation data. The U.S. producer price index rose 0.1% in August, while economists expected the index to remain unchanged. Wall Street examined the data as they look for clues on the Federal Reserve''s next move on monetary policy.
The U.S. central bank is largely expected to lower rates in a meeting next week. Market expectations for a September rate cut are at 91.2%,
Meanwhile, according to the American Chamber of Commerce in Shanghai, some American companies are speeding up their move away from China amid the imposition of U.S. tariffs.
Prices for the benchmark 10-year U.S. Treasury gained slightly, lowering yields to 1.73% from Tuesday''s 1.74%. Treasury prices and yields move in opposite directions
Oil prices regained 38 cents to $57.78 U.S. a barrel.
Gold prices dipped $1.80 to $1,497.40 U.S. an ounce.
Currencies