Wall Street rises on Huawei reprieve

Credit: Reuters Studio
Published on May 21, 2019 - Duration: 01:09s

Wall Street rises on Huawei reprieve

Shares of technology companies helped lift Wall Street Tuesday after the United States temporarily eased curbs on China's Huawei Technologies, alleviating investor concerns about pressure on future corporate results in the sector.

Fred Katayama reports.


Wall Street rises on Huawei reprieve

A rebound in tech stocks offset a drop in retail stocks, boosting the major indexes on Wall Street Tuesday.

Investors took comfort in Washington's move to temporarily ease trade restrictions on Chinese telecom giant Huawei.

The Nasdaq gained the most, up 1 percent.

Vespula Capital CEO, Jeff Tomasulo: SOUNDBITE: VESPULA CAPITAL CEO, JEFF TOMASULO (ENGLISH) SAYING: "We've all have been sitting here waiting for this trade deal to get done.

So I guess this was Trump throwing a bone.

So the market gets a little excited about it.

But you know, to me, I'm kind of indifferent right now.

You know, we've gotten excited about this over and over and over and over, and now we really have no kind of idea of what's going to on." Chip stocks bounced back after the U.S. granted Huawei a temporary exemption to its blacklist so it can buy U.S. goods until mid-August.

Suppliers to Huawei such as Intel and Qualcomm rallied.

Shares of retailers Kohl's and J.C.

Penney dropped after posting disappointing earnings.

Quarterly same-store sales at both companies dropped and missed analysts' estimates.

Shares of Home Depot rose even though the home improvement chain's quarterly same-store sales grew at its slowest rate in at least three years.

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