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U.S. Stocks Close Higher at Back of Strong Energy, Financial Shares

U.S. stocks ended higher on Wednesday, wiping out previous losses, as robust energy and financial stocks underpinned the market.

The Dow Jones Industrial Average rose 258.20 points, or 1.00 percent, to 26,036.10. The S&P 500 increased 18.78 points, or 0.65 percent, to 2,887.94. The Nasdaq Composite Index increased 29.94 points, or 0.38 percent, to 7,856.88.

The majority of the 30 blue-chip stocks in the Dow extended gains, with shares of UnitedHealth Group up nearly 2 percent, leading the gainers.

On the financial front, shares of Goldman Sachs and JPMorgan Chase rose 1.19 percent and 1 percent, respectively, among the strong performers in the group.

On the energy front, shares of Chevron and Exxon Mobil rallied nearly 0.86 percent and over 0.73 percent, respectively.

The energy and financial sectors also led gains in the 11 primary S&P 500 sectors by rising 1.4 percent and over 0.9 percent respectively. Ten of the 11 primary sectors traded higher around market close.

Shares of Tiffany rose over 3.02 percent, after the U.S. luxury jewelry giant reported second-quarter profits that topped market forecast, despite lower-than-expected quarterly revenues.

All of the long-dated U.S. Treasury yields continued to retreat throughout the day. The short-term 3-month Treasury rate also fell following morning gains.

(www.chinaview.cn 2019-08-29)