Wall Street gets tech boost as reports bolster hopes of trade deal

REUTERS: Wall Street rose on Wednesday on the back of gains in technology stocks, as investor sentiment was boosted by reports indicating an ease in trade tensions between the United States and China ahead of pivotal talks on Thursday.

Chipmakers with a sizable exposure to China also gained, with the Philadelphia SE Semiconductor index up 1.45per cent. A sharp contraction in U.S. manufacturing data, as well as a dismal reading on business activity last week has raised bets of a third interest rate cut by the Federal Reserve this year.

Johnson & Johnson's shares fell 2.2per cent after a jury awarded US$8 billion in punitive damages to a man who accused it of failing to warn that young men using its antipsychotic drug Risperdal could grow breasts.Investors will now turn their eye to the third-quarter earnings season, which begins next week with U.S. banks reporting, to gauge the health of the domestic economy.

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