US STOCKS-Wall St Jumps

US STOCKS-Wall St Jumps with Tech, Energy; Target News Weighs on Retailers

Reuters

07:05

DJIA

+0.80%

NASDAQ

+0.94%

* Target's margin cut hits some retail stocks

* Kohl's climbs on sale talks with Franchise Group

* Indexes: Dow up 0.8%, S&P 500 up 1%, Nasdaq up 0.9%

NEW YORK, June 7 (Reuters) - U.S. stocks rallied late on Tuesday to end higher for a second straight day as technology and energy shares gained, while Target Corp's warning about excess inventory weighed on retail stocks for much of the session.

Apple Inc shares climbed 1.8% despite news earlier in the day that the company must change the connector on iPhones sold in Europe by 2024 after EU countries and lawmakers agreed to a single charging port for mobile phones, tablets and cameras.

The S&P 500 technology index rose 1% and gave the benchmark index its biggest boost. Microsoft Corp shares added 1.4%.

The S&P 500 energy sector index jumped 3.1% to end at its highest level since 2014, with oil prices sharply higher.

At the same time, shares of Target Corp fell 2.3% after the retailer said it would have to offer deeper discounts and cut back on stocking discretionary items.

Equity trading was choppy, with indexes down early in the day, but the market has been recovering from recent steep losses.

Recently, "we've had a nice bounce ... and in general investors are feeling better right now. But we are very much in a seesaw market as we've seen all year," said Tim Ghriskey, senior portfolio strategist at Ingalls & Snyder in New York.