Markets Right Now: Stocks rise as tech shares recover

May 21, 2019 - 9:42 am

NEW YORK (AP) — The latest on developments in financial markets (all times local):

9:35 a.m.

Stocks are opening higher on Wall Street Tuesday as technology companies rebound from a sell-off a day earlier.

Chipmakers rallied after the U.S. government issued a 90-day grace period on its order to restrict U.S. firms from selling to Chinese telecom gear maker Huawei. Qualcomm rose 2.1%.

Earnings from two department stores disappointed investors. J.C. Penney fell 7.8% after reporting a wider than expected quarterly loss, while Kohl's sank 12.5% after cutting its outlook for fiscal 2020.

Home Depot shares declined 1.9% as the home improvement giant saw a key sales figure fall short of expectations.

The S&P 500 index rose 18 points, or 0.6%, to 2,858.

The Dow gained 144 points, or 0.6%, to 25,824. The Nasdaq added 73 points, or 1%, to 7,775.

The yield on the 10 year Treasury was up slightly at 2.42%.

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