The stock market recovered from some of the week's losses today as investors seem to have put a stamp on the possibilities of short-term support. Trade news helped support the the market - especially the industrials - as a report stated that the US and China are doubling down on efforts to work out a trade deal. The Dow 30 was higher by 208, the S&P 500 popped 28, and the Nasdaq 100 was higher by 122.

Sector News

Semiconductors were the best-performing area of the markets today as they continued to recover from their oversold condition. The sector remains in a downtrend, but today's move shows how technical traders continue to work to find short term support.

The banking stocks were also strong today following news about Warren Buffett's purchase of $4 billion worth of JP Morgan shares. The financials also remain in a downtrend and under the 200-day moving average. For the year they continue to be an underperformer.

Stock News

JP Morgan (JPM  ) shares were higher today helping to support the banking sector as it was revealed in Berkshire Hathaway's 13-F that they bought 35.6 million shares with a total value nearing $4 billion. Buffet's company now has holdings in Wells Fargo (WFC  ), Bank of America (BAC  ), Goldman Sachs (GS  ), and a few other banking stocks.

Oracle (ORCL  ) shares were higher today thanks again to the purchase of shares from Berkshire Hathaway (NYSE: BRK/A). The investment firm raised their stake to 41.4 million shares in the previous quarter.

PG&E (PCG  ) shares sold off another 30% today, its worst day since 2001 following news that their insurance would likely not cover the cost of damages should they be found responsible for the raging wildfire in California. Shares have lost over 60% in just the last 5 trading days.