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* Healthcare hit by losses in Celgene, Bristol-Myers
* Banks up on clearing first stage of Fed’s stress test
* Caesars jumps as Eldorado Resorts to buy co
* United Technologies up on Cowen upgrade
* Indexes up: Dow 0.19%, S&P 0.10%, Nasdaq 0.04% (Updates prices, comments)
By Shreyashi Sanyal
June 24 (Reuters) - Wall Street’s main indexes edged higher on Monday, as gains in technology stocks more than offset losses in healthcare sector, while investors awaited a high-stakes meeting between U.S. and Chinese leaders at the G20 summit later this week.
Optimism over a revival in trade talks between the two largest economies and hopes that the Federal Reserve would cut interest rates to battle the impact of a trade war on economic growth helped push the S&P 500 index to a record high on Friday.
The benchmark index is up 7.3% so far in June and is on track to recoup its losses from the previous month.
Presidents Donald Trump and Xi Jinping are expected to meet at the G20 summit on June 28-29 in Japan. Although analysts are not expecting the two sides to come to a meaningful agreement, any signs of a de-escalation could boost investor sentiment.
The trade-sensitive industrial sector edged 0.17% higher. But the biggest boost to the markets came from the technology sector, which rose 0.39%.
“Since the trade war began more than 12 months ago, economically-sensitive parts of the global equity markets have underperformed,” said Brian Koble, chief investment officer at Hefren-Tillotson, a wealth management company in Pittsburgh.
“Investors could be well-rewarded should there be progress toward a trade deal.”
Countering the gains, the healthcare sector dropped 0.4%, weighed down by a 5% decline in shares of Celgene Corp and a 7% fall in those of Bristol-Myers Squibb Co .
Bristol-Myers said its planned $74 billion deal to buy drugmaker Celgene was expected to close at the end of 2019 or beginning 2020, compared with its earlier expectations of closing the deal in the third quarter.
At 11:07 a.m. ET the Dow Jones Industrial Average was up 51.73 points, or 0.19%, at 26,770.86 and the S&P 500 was up 2.97 points, or 0.10%, at 2,953.43.
The Nasdaq Composite was up 3.38 points, or 0.04%, at 8,035.09. Capping gains on the tech-heavy index was a 1.5% decline in the Nasdaq Biotechnology index.
The financial sector rose 0.27% after the 18 largest banks operating in the United States cleared the first stage of their yearly health checks with the U.S. Federal Reserve that assess their ability to weather a major economic downturn.
Shares of casino operator Caesars Entertainment Corp jumped 17% after rival Eldorado Resorts Inc said it agreed to buy the company for $8.5 billion. Shares of Eldorado fell 9.2%.
United Technologies Corp gained 1.3% after Cowen & Co upgraded shares of the building and aerospace supplier to “outperform” from “market perform”.
Advancing issues outnumbered decliners by a 1.04-to-1 ratio on the NYSE. Declining issues outnumbered advancers for a 1.34-to-1 ratio on the Nasdaq.
The S&P index recorded 26 new 52-week highs and three new lows, while the Nasdaq recorded 38 new highs and 46 new lows. (Reporting by Shreyashi Sanyal and Aparajita Saxena in Bengaluru; Editing by Anil D’Silva)