Tech Rebound Powers Wall Street Gains

US stocks close higher
By Newser Editors and Wire Services
Posted May 21, 2019 3:04 PM CDT
Tech Rebound Powers Wall Street Gains
Trader Michael Urkonis works on the floor of the New York Stock Exchange, Friday, May 17, 2019.   (AP Photo/Richard Drew)

Stocks are closing higher on Wall Street Tuesday as technology companies lead solid gains across the market, the AP reports. Chipmakers rallied after the US government issued a 90-day grace period on its order to restrict US firms from selling to Chinese telecom gear maker Huawei. Micron Technology rose 2.9%. Apple rose 2% and Boeing gained 1.7% to boost the Dow Jones Industrial Average. Quarterly reports from two department stores disappointed investors. JC Penney fell 7% after reporting a wider than expected quarterly loss, while Kohl's sank 12.3% after cutting its outlook for fiscal 2020. The S&P 500 index rose 24 points, or 0.9%, to 2,864. The Dow gained 197 points, or 0.8%, to 25,877. The Nasdaq added 83 points, or 1.1%, to 7,785. (Read more stock market stories.)

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