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Tech rebound powers US stocks higher, snaps 2-day S&P slump

Technology companies helped power stocks broadly higher on Wall Street Tuesday, snapping the market’s two-day losing streak. The rally followed the US government’s decision to temporarily ease off proposed restrictions on technology sales to Chinese companies. The news gave a boost to technology sector stocks, which took steep losses a day earlier when the Trump administration announced curbs on technology sales, aimed primarily at Chinese telecom gear maker Huawei. About one-third of that company’s suppliers are American chipmakers and the move would crimp sales for companies including Qualcomm and Broadcom. Both companies posted gains Tuesday, along with other chipmakers. Intel rose 2.1 percent and Texas Instruments added 2.2 percent. Broadcom, which gets about half of its revenue from China, gained 1 percent. Qualcomm, which gets more than half of its revenue from China, rose 1.5 percent. Apple rebounded 1.9 percent after falling a day earlier. Health care, financial and industrial stocks also helped drive the market higher Tuesday. Anthem climbed 4 percent, Wells Fargo added 1.9 percent and Boeing gained 1.7 percent. Household goods makers lagged. Tyson Foods slid 1.5 percent. Gains in consumer-oriented stocks were held back by disappointing quarterly financial results from a couple of big department store chains. J.C. Penney slid 7 percent after it reported declining sales and a surprisingly wide loss. The retailer attributed part of the weak quarter to its no longer selling major appliances and furniture. Kohl’s plunged 12.3 percent after its results fell short of forecasts amid slumping sales. The company also cut its profit forecast for the year.