June 26, 2018 / 3:54 PM / 4 months ago

US STOCKS-Wall Street posts slight gains helped by GE, tech stocks

* GE on track to post best day since April 2015 Lennar jumps on upbeat results Financials lag on S&P

* Indexes up: Dow 0.19 pct, S&P 0.18 pct, Nasdaq 0.19 pct (Changes comment, adds details, updates prices)

By Sruthi Shankar

June 26 (Reuters) - U.S. stocks edged higher on Tuesday, with General Electric and technology stocks helping Wall Street recoup some losses from a day earlier on escalating global trade tensions.

GE jumped about 7 percent in heavy trading, on track for its biggest one-day gain in over three years, after the company said it will spin off its healthcare business and divest its stake in oil-services company Baker Hughes, leaving it focused on jet engines, power plants and renewable energy.

The S&P technology index rose 0.39 percent, while shares of Netflix jumped 3 percent.

“There is a little bit of rebalancing,” said Matt Lloyd, chief investment strategist at Advisor’s Asset Management in Monument, Colorado.

The benchmark S&P 500 index posted its worst day in more than two months on Monday, dropping 1.37 percent on reports of proposed restrictions on foreign investment in U.S. technology companies.

After initial reports that only Chinese investments would be curbed, U.S. Treasury Secretary Steven Mnuchin said on Twitter that restrictions would apply “to all countries that are trying to steal our technology”. White House trade and manufacturing adviser Peter Navarro later said only China would be targeted.

Harley-Davidson fell 0.6 percent after U.S. President Donald Trump threatened the company with higher taxes, a day after the company said it would move production of motorcycles shipped to the EU to its international facilities.

“It (trade issues) is going to be uncomfortable, the rhetoric is going to rise closer to mid-term elections. No matter if there are trade skirmishes or a trade war, the one thing that is going to affect (markets) is higher inflation,” Lloyd said.

At 11:29 a.m. ET the Dow Jones Industrial Average was up 45.25 points, or 0.19 percent, at 24,298.05, the S&P 500 was up 4.93 points, or 0.18 percent, at 2,722.00 and the Nasdaq Composite was up 14.33 points, or 0.19 percent, at 7,546.34.

The S&P financial index dropped 0.45 percent, the biggest decliner among the major 11 S&P sectors.

U.S. homebuilder Lennar jumped about 6 percent as strong housing demand helped the company report better-than-expected quarterly results.

Advancing issues outnumbered decliners for a 1.41-to-1 ratio on the NYSE and for a 1.10-to-1 ratio on the Nasdaq.

The S&P index recorded five new 52-week highs and nine new lows, while the Nasdaq recorded 33 new highs and 41 new lows. (Reporting by Sruthi Shankar in Bengaluru; Editing by Shounak Dasgupta)

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