The Hong Kong stock market is expected to rebound on Wednesday after the Hang Seng Index dipped slightly on Tuesday. The index fell 10.76 points or 0.04 percent to close at 25,132.29, with losses in financial and energy sectors partially offset by gains in technology stocks. Positive earnings news from companies such as 3M, General Motors, and Novartis drove Wall Street higher, with the Dow Jones Industrial Average rising 385.38 points or 0.74 percent to 52,224.64, the NASDAQ advancing 329.13 points or 1.29 percent to 25,837.21, and the S&P 500 gaining 65.92 points or 0.89 percent to 7,509.20. The rally was also supported by strength in technology stocks, as the NYSE Arca Computer Hardware Index surged 5.9 percent and the Philadelphia Semiconductor Index jumped 5.2 percent. Crude oil prices spiked, with West Texas Intermediate crude for August delivery up $1.77 or 2.13 percent at $85.00 per barrel, amid supply concerns from the Strait of Hormuz crisis.
General Motors CompanyPositive earnings news from General Motors drove Wall Street higher.
3M CompanyPositive earnings news from 3M drove Wall Street higher.
Novartis AGPositive earnings news from Novartis drove Wall Street higher.