(Reuters) - The S&P 500 posted slight gains on Thursday as declines in technology companies and packaged food makers, dragged down by J.M. Smucker’s quarterly report, were offset by rising energy shares.
Brent crude gained more than 1 percent on concerns about a plunge in exports from Venezuela, helping the S&P energy index rise more than 1.1 percent.
Optical stocks and some chipmakers also gained after U.S. Commerce Secretary Wilbur Ross said Washington had reached a deal with China’s No. 2 telecommunications equipment maker ZTE that would allow it to do business again with U.S. suppliers.
Optical component makers Acacia Communications, Oclaro Inc and Lumentum Holdings jumped on the news.
Qualcomm and NXP Semiconductors also rose 2.6 percent and 6.2 percent respectively. A $44 billion acquisition of NXP by Qualcomm is still under review by China’s market regulator, although there have been some signs of progress as China and Washington negotiated on trade in the past month.
“That will be bullish for any of the suppliers to ZTE, but more importantly bullish for any deal stocks waiting for regulatory approval,” said Art Hogan, chief market strategist, B. Riley FBR in New York.
Losses in tech heavyweights such as Facebook, Intel and Apple weighed on the S&P technology index, which fell 0.3 percent.
At 9:52 a.m. ET, the Dow Jones Industrial Average was up 112.42 points, or 0.45 percent, at 25,258.81, the S&P 500 was up 7.13 points, or 0.26 percent, at 2,779.48 and the Nasdaq Composite was up 3.05 points, or 0.04 percent, at 7,692.29.
“We had a significant run up of late and it takes
