U.S. stocks climbed on Wednesday, recovering from early declines on gains in ene...
NEW YORK - U.S. stocks climbed on Wednesday, recovering from early declines on gains in energy and financial shares, but investors remained leery about the potential for another flare-up in the U.S.-China trade war.
The financial sector .SPSY was up 0.91%, recouping all of the prior day’s losses that came on a deepening of the U.S. Treasury yield curve inversion, which often precedes a recession.were also supported by a 1.40% jump in energy .SPNY stocks after industry data showed a fall in stockpiles of U.S. crude, boosting oil prices, which settled up more than 1.5%.Investors took some relief in the lack of new developments on the trade front, although the U.S.
“If you look at the sectors in terms of how the performance has lined up, it looks like people are coming back to having some belief in the economy,” said Peter Jankovskis, co-chief investment officer at OakBrook Investments LLC in Lisle, Illinois. “It is sustainable but it depends a lot on what sort of announcements we have because realistically the economy is in pretty decent shape, it is just the concern is to the whole trade situation pulling the rug out from underneath it.”
Next week, investors will look toward the monthly jobs report and manufacturing data which could guide expectations on the likelihood of another rate cut from the Federal Reserve at its mid-September meeting.
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