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US stocks bounce back as Tiffany shares tumble

Last Updated : 09 September 2020, 14:37 IST
Last Updated : 09 September 2020, 14:37 IST

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Wall Street stocks bounced back from a three-day rout early Wednesday, while shares of Tiffany sank after a French luxury company withdrew from an acquisition of the jeweller.

About 20 minutes into trading, the Dow Jones Industrial Average was up 0.9 percent at 27,736.49.

The broad-based S&P 500 gained 1.1 percent to 3,369.85, while the tech-rich Nasdaq Composite Index jumped 1.4 percent to 11,002.13.

Large tech companies such as Apple and Amazon were back on an upswing early Wednesday after a rocky stretch that has seen investors take profits in the sector after a surge in valuation during the coronavirus pandemic.

Stocks have been pressured in recent sessions by a stalemate over another US fiscal package to support the economy and rising trade tensions with China. Those have been countered somewhat by better-than-expected economic data, including Friday's solid US jobs report.

Among individual companies, Tiffany plunged around 10 percent after LVMH said it was unable to complete an acquisition of the company, saying it was directed by the French government to delay the transaction due to potential US tariffs on French products.

Tiffany filed a lawsuit against LVMH in a Delaware court, saying the French company has no basis to walk away from the merger.

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Published 09 September 2020, 14:37 IST

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