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Friday / February 21.
HomeNewsStocks – Wall Street Recovers as Restrictions on Huawei Temporarily Ease

Stocks – Wall Street Recovers as Restrictions on Huawei Temporarily Ease

Wall Street recovered on Tuesday after the U.S. eased restrictions on Chinese tech giant Huawei, abating investor concern about further trade war retaliation.

The S&P 500 rose 17 points or 0.6% by 9:44 AM ET (13:44 GMT), while the Dowgained 128 points or 0.5% and tech-heavy Nasdaq composite was up 66 points or 0.9%.

The U.S. Commerce Department announced on Monday that it would allow Huawei to purchase some U.S.-made goods until August 19 to maintain existing networks. The U.S. technology sector tanked on Monday around fears of a global impact after companies announced they had stopped doing business with the Chinese conglomerate.

Huawei founder Ren Zhengfei said the changes wouldn’t make a difference, as the company had already prepared for U.S. sanctions.

Technology stocks rallied, with Netflix (NASDAQ:NFLX) up 1.2%, Broadcom (NASDAQ:AVGO) gained 2.1% and Micron (NASDAQ:MU) rising 2.4%.

Beyond Meat (NASDAQ:BYND) was up 0.6%, while Pinterest (NYSE:PINS) inched up 1.5%.

Elsewhere, the retail sector was under pressure after steep declines in comparable-store sales from Kohls and JC Penney.

Kohls (NYSE:KSS) slumped 11.8% while JC Penney (NYSE:JCP) declined 7.8% andHome Depot (NYSE:HD) fell 1.8% after it also reported a fall in same-store sales.

Tesla (NASDAQ:TSLA) slipped 2.3% after a Morgan Stanley (NYSE:MS) report said the company was worth only $10 in a worse-case scenario.

In commodities, gold futures fell 0.6% to $1,269.65 a troy ounce, while crude oilinched down 0.3% to $63.06. The U.S. dollar index, which measures the greenback against a basket of six major currencies, was up 0.2% to 97.928.

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