FILE- In this April 5, 2018, file photo a sign for a Wall Street subway station is shown. The U.S. stock market opens at 9:30 a.m. EDT on Tuesday, Aug. 28. (AP Photo/Richard Drew, File)

US stocks keep rising as tech companies and retailers climb

August 28, 2018 - 10:16 am

NEW YORK (AP) — U.S. stocks are rising Tuesday after setting records over the past few days. Technology companies, which have led the market for more than a year, continue to rise. Retailers including DSW and Tiffany are climbing after strong quarterly reports.

KEEPING SCORE: The S&P 500 index gained 5 points, or 0.2 percent, to 2,901 as of 10 a.m. Eastern time. The Dow Jones Industrial Average rose 51 points, or 0.2 percent, to 26,100. The Nasdaq composite added 19 points, or 0.3 percent, to 8,037. The Russell 2000 index of smaller-company stocks picked up 2 points, or 0.2 percent, to 1,731.

Canada's foreign minister is traveling to Washington Tuesday to restart talks on trade, a day after stocks rose on news that the Trump administration said it reached a preliminary deal with Mexico to replace the North American Free Trade Agreement.

TECH ON TOP: Apple added 0.7 percent to $219.45 and Microsoft rose 0.6 percent to $110.28 as technology companies, the most valuable part of the S&P 500, continued to lead the index higher. Chipmaker Xilinx rose 2.8 percent to $77.35 and Qualcomm gained 2.4 percent to $68.95.

RETAIL RESULTS: Shoe retailer DSW surged 21.1 percent to $32.98 percent Tuesday after reporting second-quarter results that were far stronger than analysts expected. Sales surpassed Wall Street forecasts, and the company raised its estimates for the rest of the year.

Tiffany did the same and its stock jumped added 1.7 percent to $132.01 DSW stock has climbed more than 55 percent in 2018 and Tiffany has rallied 27 percent.

Like many other retailers, they had slumped in recent years as they faced growing competition from online retailers and sinking sales in stores. Many retailers have climbed recently as they improved their online businesses, but when they fall short of expectations the stocks have taken precipitous drops. That happened to Macy's and J.C. Penney in the second quarter.

On Tuesday Best Buy fell 7.5 percent to $75.53 after issuing a disappointing forecast for the current quarter.

COLD SOUP: Campbell Soup lost 2.4 percent to $39.73 after the New York Post reported that the company is unlikely to try to sell itself. The Post said that could lead to a dispute with an activist investor who has been pushing the company to sell.

BONDS: Bond prices fell. The yield on the 10-year Treasury note rose to 2.88 percent from 2.85 percent.

CURRENCIES: The dollar slipped to 111.01 yen from 111.10 yen. The euro rose to $1.1733 from $1.1680.

ENERGY: Benchmark U.S. crude was unchanged at $68.85 a barrel in New York while Brent crude, used to price international oils, rose 0.7 percent to $76.73 a barrel in London.

OVERSEAS: France's CAC 40 rose 0.4 percent while Germany's DAX gained 0.1 percent. Britain's FTSE 100 jumped 0.5 percent.

Japan's benchmark Nikkei 225 rose 0.1 percent. South Korea's Kospi edged up 0.2 percent and Hong Kong's Hang Seng added 0.2 percent.

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AP Markets Writer Marley Jay can be reached at http://twitter.com/MarleyJayAP His work can be found at https://apnews.com/search/marley%20jay

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