- Stocks rose on Wednesday as Apple’s gains helped tech shares snap a three-day losing streak.
- The iPhone manufacturer rose to an 11-month high after releasing a slew of new products during its annual September keynote.
- President Trump said in a tweet on Wednesday that Federal Reserve officials were “Boneheads” and suggested the central bank should push US interest rates below zero.
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Stocks climbed on Wednesday as tech shares led by Apple snapped a three-day losing streak.
Shares of Apple rose as much as 3.2% to an 11-month high after unveiling a trio of new iPhones and other hardware products at its annual September launch event. The company also said its upcoming streaming platform will cost $US4.99, undercutting many of its soon-to-be competitors.
President Trump resumed pressure on the US Federal Reserve to lower rates on Wednesday, calling the central bank’s officials “Boneheads.”
“The Federal Reserve should get our interest rates down to ZERO, or less, and we should then start to refinance our debt,”the president wrote in a tweet on Wednesday. “INTEREST COST COULD BE BROUGHT WAY DOWN, while at the same time substantially lengthening the term. We have the great currency, power, and balance sheet.”
Investors are anxiously awaiting the next move from the Fed and the European Central Bank. Both are expected to cut interest rates later this month to support wavering global growth.
Here’s a look at the major indexes as of the 4 p.m. close on Monday:
- The S&P 500 rose 0.72%, to 3,000.93.
- The Dow Jones Industrial Average climbed 0.85%, to 27,137.04.
- The Nasdaq Composite jumped 1.06%, to 8,169.68.
China announced a small number of US products including some animal feed ingredients, chemicals, and cancer medication will be temporarily exempt from an upcoming round of tariffs. The short-term exemption comes just days before the two sides are set to resume trade negotiations.
Shares of GameStop tanked as much as 22% on Wednesday after the video-game retailer cut its annual sales forecast and said nearly all of its business segments decline in revenue during the second quarter. “Big Short” investor Michael Burry recently backed the company, disclosing his hedge fund holds 3% stake in the retailer.
Within the S&P 500, these were the largest gainers:
And the largest decliners:
The S&P 500 saw broad gains on Wednesday, with real estate stocks posting the only losses. Materials, technology, utilities, and healthcare gained roughly 0.9%.
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