Wall Street gains amid economic hopes; tech shares decline

REUTERS: The Dow and S&P 500 rose on Wednesday, powered by banks stocks, as optimism for an economic recovery as lockdowns continued to ease overshadowed worries of simmering U.S.-China tensions.

"It's the tech stocks that are probably most sensitive to Chinese growth," said Sameer Samana, senior global market strategist at Wells Fargo Investment Institute in St. Louis. The easing of lockdowns, optimism about an eventual COVID-19 vaccine and massive U.S. stimulus have powered the recent stock market rally, with the S&P 500 on Tuesday ending at its highest level since early March.Even so, U.S. tensions with China have cast a cloud on markets. President Donald Trump said Tuesday that Washington would announce its response to China's planned national security legislation on Hong Kong before the end of the week.

Facebook Inc and Twitter Inc slipped as Trump threatened to shutter social media companies a day after Twitter attached a warning to some of his tweets, prompting readers to fact-check the president's tweets.

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