U.S. Stocks Open Higher on Hopes for Trade Talks


◊ U.S. Stocks News Today ◊


♦ Stock Market News Today ♦ …U.S. stocks advanced Thursday amid renewed hopes for progress in the trade dispute between the U.S. and China.

The Dow Jones Industrial Average climbed 267 points, or 1.1%. The S&P 500 added 1%, led by gains in trade-sensitive industrial and material stocks. The technology-heavy Nasdaq Composite rose 1.3%.


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A batch of steady economic data and stronger-than-expected earnings reports from discount retailers helped ease some of the fears about slowing economic growth, as investors continued to weigh developments on the U.S.-China trade front.

Beijing hopes to prioritize discussions over removing the latest tariffs announced by President Trump last week, to prevent a further escalation of the trade war, Gao Feng, a spokesman for China’s Commerce Ministry, said Thursday.

The ministry said the U.S. needed to create the necessary conditions for trade negotiations to proceed, while noting that the countries remained in communication over possible talks in September.

Stocks have had a turbulent August amid renewed anxieties surrounding trade tensions, with all three major indexes down at least 2.2% this month. Still, all three are sitting within roughly 5% of their records. Shares of industrial conglomerates Caterpillar and Boeing climbed 2% and 1.3%, respectively.




“Any news around negotiations starting up or retaliations not happening are going to have a move in markets,” said Bert Colijn, senior eurozone economist at Dutch financial-services firm ING Group.

Investors were also sorting through a wash of economic data. U.S. gross domestic product—the broadest measure of the nation’s output of goods and services—rose at a seasonally adjusted annual rate of 2% in the second quarter, compared with the previous estimate of a 2.1% rise.

The government said consumers spent more than previously estimated in the April to June period, but the housing sector, exports and inventory investment were more of a drag than initially thought.

Meanwhile, U.S. jobless claims rose slightly to 215,000 last week, though the figure remains at a historically low level.

The yield on the 10-year U.S. Treasury climbed to 1.486% Thursday from 1.469% Wednesday, and the two-year Treasury yield edged up to 1.514% from 1.504% Wednesday, according to Tradeweb. Yields fall as bond prices rise.

In Thursday’s action, shares of Best Buy fell 5.1% after the consumer electronics retailer reported second-quarter sales that disappointed investors.

Discount retailers got a lift, with shares of Dollar Tree rising 2.5% on higher second-quarter sales and Dollar General shares gaining 7.2% on stronger-than-expected earnings.


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Meanwhile, the pound fell 0.2% against the U.S. dollar and the euro a day after U.K. Prime Minister Boris Johnson moved to suspend Parliament, a tactic aimed at stopping opposition lawmakers from blocking an abrupt break with the European Union.

Elsewhere, the Stoxx Europe 600 rose 1%. In Asia, the Shanghai Composite and Japan’s Nikkei both slipped 0.1%, while Hong Kong’s Hang Seng rose 0.3%.




BUSINESS ›



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