INSUBCONTINENT EXCLUSIVE:
stocks rose on Tuesday, boosted by energy stocks as oil prices rose, but gains were capped by a drop in technology stocks, with Facebook
sliding on renewed concerns over its data scandal.
Facebook dropped 2 percent after the Washington Post reported a federal probe on the data
breach linked to Cambridge Analytica was broadened and will include more government agencies.
The SP technology sector fell 0.21 percent and
and was the only one among the 11 main SP 500 sectors to trade lower.
The gains were led by a 1.47 percent jump in the energy sector, with
all its 31 components trading higher as oil prices climbed more than 1 percent after Libya declared force majeure on significant amounts of
its supply.
Trade tensions continued to fester, with President Donald Trump on Monday warning the World Trade Organization of "doing
something" if United States is not treated properly.
Also looming is a July 6 deadline when Washington is set to impose tariffs on $34
billion worth of Chinese goods.
With the markets set to close at 1 p.m
ET ahead of the Fourth of July holiday, trading volumes are expected to be thin and traders do not expect any major bets to be
made.
"There's not going to be a lot ultimately taken away from today's trading regardless of what direction the market goes in," said Mark
Luschini, chief investment strategist at Janney Montgomery Scott in Philadelphia.
At 10:11 a.m
EDT the Dow Jones Industrial Average was up 60.90 points, or 0.25 percent, at 24,368.08, the SP 500 was up 5.09 points, or 0.19 percent, at
2,731.80 and the Nasdaq Composite was down 3.65 points, or 0.05 percent, at 7,564.04.
Shares of American Airlines, United Continental and
Delta Air Lines fell between 1.2 and 2.2 percent after Deutsche Bank downgraded all three companies saying the growing U.S.-China trade
dispute could weigh on their results.
Tesla fell 3.7 percent and was set to add to its 2.3 percent drop from Monday when the electric
carmaker said it met its Model 3 production goal but failed to convince investors it could continue to do so.
Economic data was mixed
New orders for U.S.-made goods unexpectedly rose in May, pointing to a strengthening manufacturing sector, but business spending on
equipment continued to show signs of slowing.
Advancing issues outnumbered decliners by a 3.32-to-1 ratio on the NYSE and a 1.70-to-1 ratio
on the Nasdaq.
The SP index recorded three new 52-week highs and two new lows, while the Nasdaq recorded 56 new highs and 17 new lows
