Markets Right Now: Tech stocks lead gains on Wall Street

NEW YORK (AP) — The latest on developments in financial markets (all times local):

9:35 a.m.

Stocks are opening higher on Wall Street as technology companies gain back some of the ground they’ve lost in recent days.

Traders were encouraged by news that U.S. and Chinese officials spoke on the phone, raising hopes that trade tensions between the world’s two largest economies may ease.

Microsoft rose 2.2 percent in early trading Tuesday.

Banks were also doing better after taking a drubbing over the past week. JPMorgan Chase climbed 1.9 percent. Bank of New York Mellon rose 2.6 percent after announcing an increase to its stock buyback program.

The S&P 500 index rose 33 points, or 1.3 percent, to 2,671.

The Dow Jones Industrial Average jumped 343 points, or 1.4 percent, to 24,771. The Nasdaq composite rose 98 points, or 1.4 percent, to 7,119.

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