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Broad gains, from fast-growing shares of technology companies to more staid businesses such as utility and financial firms, pulled all three major indexes higher, as investors took advantage of the lull in trade tensions between the U.S. and China.
The Dow Jones Industrial Average rose 86 points, or 0.3%, to 25985 shortly after the opening bell, building on Monday’s roughly 270-point gain. The S&P 500 climbed 0.5%, and the Nasdaq Composite gained 0.6%.
“The bigger picture is that the general trend has been towards escalation,” said Oliver Jones, market economist at Capital Economics. “We wouldn’t read too much into remarks from Mr. Trump. ”
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For now, investors are clinging to the more optimistic tone President Trump struck at the Group of Seven summit, suggesting the two global heavyweights are open to talks. Still, investors say they aren’t fully convinced trade tensions are easing just yet, pointing to how tweets on tariffs from Mr. Trump in May and early August induced bouts of selling.
At the same time, investors continued to seek haven assets, including bonds, underscoring their cautious optimism on trade and the weakening outlook on global growth. The yield on the 10-year U.S. Treasury note fell to 1.508%, according to Tradeweb, from 1.545% a day earlier.
Two-year Treasury yields were at 1.543%, down from 1.558%. The spread between the two maturities remained inverted, a situation that has often preceded recessions.
The gains in the U.S. followed modest advances in other parts of the world.
The Stoxx Europe 600 rose 0.5% in recent trading, with the U.K.’s FTSE 100 down 0.1% and the German DAX up 0.6%.
In Asia, the Shanghai Composite added 1.4% and Japan’s Nikkei climbed 1%. Hong Kong’s Hang Sang was the outlier in Asia, dropping 0.1% amid ongoing political uncertainty about its future relations with China, as protests have continued for three months in the city.
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