Wall St. ends higher as trade fears recede

Video Credit: Reuters Studio
Published on September 30, 2019 - Duration: 01:41s

Wall St. ends higher as trade fears recede

U.S. stocks rallied on Monday as investors set aside worries about the U.S.-China trade war.

Conway G.

Gittens has the trading action.

Wall St. ends higher as trade fears recede

Wall Street ended the third quarter in rally mode as the White House tried to downplay reports it was looking to delist Chinese companies from U.S. stock exchanges.

Investors cheered that as a sign Washington wasn't getting ready to escalate a trade war with Beijing.

Yousef Abbasi is a global market strategist with INTL FCStone.

SOUNDBITE (ENGLISH) YOUSEF ABBASI, GLOBAL MARKET STRATEGIST, INTL FCSTONE, SAYING: "So you're talking about a trillion dollars of market cap in the U.S. trading for Chinese-domicile companies.

It juxtaposes it directly with the $1 trillion and change that they own in U.S. treasuries.

So I think that Trump is reminding China - hey 'if this trade war were to go further and there were going to be financial strings pushed and pulled, we've got the similar amount of capacity in size to impact your markets as you do ours." Tech stocks led the way up with the Dow, S&P 500 and Nasdaq each posting gains of less than one percent.

Class="kln">Apple was a stand-out to the upside.

CEO Tim Cook told a German newspaper sales of the latest iPhone were off to a strong start and JPMorgan raised its forecast on how many iPhones will be shipped.

Shares of Apple rallied more than two percent.

Oil stocks went in the opposite direction.

Persistent worries about demand in China, the world's top importer of crude oil, pulled oil prices and energy shares lower.

ExxonMobil, ConocoPhillips and Marathon Petroleum were among the S&P 500's biggest losers.

Wrapping up a final look at the third quarter: The Dow and S&P 500 gained 1.2 percent.

But the Nasdaq was slightly negative.

It was the stock market's worst quarterly performance so far this year.

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