Markets Right Now: Tech stocks lead gains on Wall Street

By Abbey Westbury
December 11 2018 06:43 AM

CP2105159382 — FILE- In this Dec. 6, 2018, file photo trader Tommy Kalikas works on the floor of the New York Stock Exchange. The U.S. stock market opens at 9:30 a.m. EST on Tuesday, Dec. 11. (AP Photo/Richard Drew, File)

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

9:35 a.m.

Stocks are opening higher on Wall Street as technology companies gain back some of the ground they’ve lost in recent days.

Traders were encouraged by news that U.S. and Chinese officials spoke on the phone, raising hopes that trade tensions between the world’s two largest economies may ease.

Microsoft rose 2.2 per cent in early trading Tuesday.

Banks were also doing better after taking a drubbing over the past week. JPMorgan Chase climbed 1.9 per cent. Bank of New York Mellon rose 2.6 per cent after announcing an increase to its stock buyback program.

The S&P 500 index rose 33 points, or 1.3 per cent, to 2,671.

The Dow Jones Industrial Average jumped 343 points, or 1.4 per cent, to 24,771. The Nasdaq composite rose 98 points, or 1.4 per cent, to 7,119.