US STOCKS-Wall Street bounces as Trump softens stance on trade war

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* Shares of tariff-sensitive Apple, Boeing rise
* All 11 S&P 500 sectors higher
* U.S. core capital goods orders rise; shipments tumble
* Indexes up: Dow 0.91%, S&P 500 0.83%, Nasdaq 0.92%

(Updates to open)
By Akanksha Rana
Aug 26 (Reuters) - Wall Street rebounded on Monday after
U.S. President Donald Trump sought to ease trade tensions with
China, soothing investor nerves after an intense feud between
the world's top two economies last week sent stocks into a
tailspin.
The benchmark S&P 500 index .SPX logged its worst run of
weekly losses on Friday since a selloff in late May after both
sides threatened to slap more tariffs on each other's goods, and
Trump told U.S. companies to look for alternatives to doing
business with China. In a softening of stance, Trump said on Monday Beijing had
contacted Washington overnight to say it wanted to return to the
negotiating table, adding that talks between the two countries
were "more meaningful" than any time. "The sentiment today is conciliatory, the president is
trying to walk back," said Art Hogan, chief market strategist at
National Securities in New York.
"Whether or not he (Trump) has a phone call with China
doesn't matter, the point is that he is attempting to keep the
September meeting scheduled and get back to the negotiating
bit."
Shares in tariff-sensitive companies including Apple Inc
AAPL.O jumped 2%, boosting the technology sector .SPLRCT ,
while a 1.9% rise in shares of Boeing Co BA.N lifted the Dow
Jones Industrial Average .DJI .
Chipmakers, which heavily rely on China for their revenue,
rose, with the Philadelphia Semiconductor index .SOX adding
1.1%.
Concerns about the global economy slipping into recession
and uncertainty over the pace of U.S. interest rate cuts have
made investors nervous about how far the longest cycle of U.S.
expansion would survive. The S&P 500 is now about 5.2% off its
record high.
However, strong earnings from retailers including Walmart
Inc WMT.N and Target Corp TGT.N in the past weeks have
bolstered confidence in domestic growth.
The Dow Jones Industrial Average .DJI rose 233.91 points,
or 0.91%, to 25,862.81 and the S&P 500 .SPX gained 23.57
points, or 0.83%, to 2,870.68.
The Nasdaq Composite .IXIC added 70.95 points, or 0.92%,
to 7,822.72 were up 41.75 points, or 0.56%.
Data from the Commerce Department showed new orders for key
U.S.-made capital goods rose modestly in July, while shipments
fell by the most in nearly three years, pointing to continued
weakness in business investment and a slowdown in economic
growth early in the third quarter.
Among other stocks, Celgene Corp CELG.O rose 3.8% after
Amgen Inc AMGN.O said it would buy the company's psoriasis
drug Otezla, clearing the way for Bristol-Myers Squibb BMY.N
to go ahead with its $74 billion deal for Celgene. Shares of
Bristol-Myers jumped 4.3%. Shares of Beyond Meat Inc BYND.O rose 4.5% after Yum
Brands Inc YUM.N said it will be testing Beyond Meat's
plant-based nuggets at an Atlanta KFC restaurant. Shares of Yum
Brands rose 1.3%. The defensive utilities .SPLRCU and real estate .SPLRCR
posted the smallest gains among the 11 major sectors.
Advancing issues outnumbered decliners by a 6.36-to-1 ratio
on the NYSE and by a 3.34-to-1 ratio on the Nasdaq.
The S&P index recorded no new 52-week high and five new
lows, while the Nasdaq recorded five new highs and 29 new lows.