US close: Markets finish higher as traders cheer US-China reports
Wall Street trading finished stronger on Thursday, reversing its heavy losses in the previous session as investors welcomed the latest development in US-China trade relations.
Dow Jones I.A.
38,460.92
04:30 15/10/20
Nasdaq 100
17,526.80
12:15 24/04/24
The Dow Jones Industrial Average added 1.58% to 25,558.73, the S&P 500 rose 0.79% to 2,840.69, and the Nasdaq 100 was 0.27% higher at 7,374.30.
The mood was lifted after China's Ministry of Commerce said a Chinese delegation led by vice commerce minister Wang Shouwen will travel to the US for talks in late August.
It was reported that the talks, which are at the invitation of Washington, would be held with US Under Secretary of Treasury for International Affairs, David Malpass.
Meanwhile, Qatar's pledge late on Wednesday to invest $15bn in Turkey's bank and financial markets was also continuing to underpin sentiment.
“Qatar has emerged as a white knight coming to the rescue with a pledge of $15bn investment in Turkey,” said Neil Wilson, chief market analyst at Markets.com.
“This has helped ease concerns, but in the wider market the push back against the dollar's rally seems to be the result of news China and the US will hold high-level trade talks later this month.”
On the data front, the number of Americans filing for unemployment benefits fell last week, according to figures from the Labor Department.
US initial jobless claims dropped by 2,000 to 212,000 from the previous week's level, which was revised up by 1,000. Analysts had expected claims to rise to 215,000.
Meanwhile, the four-week moving average rose by 1,000 to 215,500 from the previous week's average, which was revised up by 250.
Elsewhere, homebuilding in the States slowed down sharply in July with the details of a government report pointing to scant upside going forward, according to economists.
According to the Department of Commerce, housing starts grew by 0.9% month-on-month to reach an annualised pace of 1.168m, which was well short of economists' expectations for a reading of 1.273m.
Lastly, manufacturing activity in the US mid-Atlantic region slowed sharply in August, according to the results of one of the most widely-followed surveys for the sector.
The Federal Reserve Bank of Philadelphia's Manufacturing Business Outlook index slumped from a reading of 25.7 in July to 11.9 for August.
Economists had forecast a reading of 22.0.
In corporate news, Tesla dipped 0.96% following a report that US regulators are looking to question executives about the company's privatisation plans.
Amazon ticked ahead 0.21% after rumours began to circulate that the online retailer was said to be considering the creation of a UK insurance price comparison website.
Walmart surged 9.31% at the open as its second-quarter earnings beat expectations, while Cisco Systems gained 2.96% after its quarterly numbers beat views and the company forecast first-quarter sales above estimates.
Dow Jones - Risers
Walmart Inc. (WMT) $98.64 9.33%
Boeing Co. (BA) $345.98 4.29%
Caterpillar Inc. (CAT) $136.26 3.20%
Cisco Systems Inc. (CSCO) $45.16 2.96%
Merck & Co. Inc. (MRK) $68.85 2.20%
Verizon Communications Inc. (VZ) $54.28 1.93%
Procter & Gamble Co. (PG) $83.69 1.69%
Goldman Sachs Group Inc. (GS) $233.00 1.64%
Johnson & Johnson (JNJ) $132.48 1.57%
Apple Inc. (AAPL) $213.32 1.46%
Dow Jones - Fallers
Intel Corp. (INTC) $47.17 -0.61%
Walt Disney Co. (DIS) $112.48 -0.38%
Chevron Corp. (CVX) $117.67 -0.24%
Microsoft Corp. (MSFT) $107.64 -0.02%
Coca-Cola Co. (KO) $46.22 0.30%
Visa Inc. (V) $140.65 0.52%
Nike Inc. (NKE) $80.05 0.60%
Pfizer Inc. (PFE) $41.42 0.63%
Home Depot Inc. (HD) $195.39 0.72%
3M Co. (MMM) $203.15 0.87%
S&P 500 - Risers
Walmart Inc. (WMT) $98.64 9.33%
Mallinckrodt Plc Ordinary Shares (MNK) $34.14 5.27%
Symantec Corp. (SYMC) $19.41 4.64%
Boeing Co. (BA) $345.98 4.29%
CenturyLink Inc. (CTL) $23.33 3.83%
NRG Energy Inc. (NRG) $33.79 3.59%
Navient Corporation (NAVI) $13.39 3.24%
Caterpillar Inc. (CAT) $136.26 3.20%
PG&E Corp. (PCG) $44.79 3.04%
Cisco Systems Inc. (CSCO) $45.16 2.96%
S&P 500 - Fallers
Chipotle Mexican Grill Inc. (CMG) $502.70 -4.41%
NetApp Inc. (NTAP) $79.51 -3.59%
Chesapeake Energy Corp. (CHK) $4.25 -3.41%
Constellation Brands Inc. Class A (STZ) $202.48 -2.78%
Facebook Inc. (FB) $174.70 -2.69%
Viacom Inc. Class B (VIAB) $30.10 -2.27%
Quanta Services Inc. (PWR) $33.18 -2.24%
Booking Holdings Inc. (BKNG) $1,824.99 -2.07%
Boston Scientific Corp. (BSX) $34.29 -1.72%
Sealed Air Corp. (SEE) $39.05 -1.69%
Nasdaq 100 - Risers
Symantec Corp. (SYMC) $19.41 4.64%
Cisco Systems Inc. (CSCO) $45.16 2.96%
Regeneron Pharmaceuticals Inc. (REGN) $371.78 2.74%
Cerner Corp. (CERN) $64.86 2.13%
Charter Communications Inc. (CHTR) $302.00 2.11%
Autodesk Inc. (ADSK) $133.73 2.05%
Comcast Corp. (CMCSA) $35.66 1.97%
American Airlines Group (AAL) $38.16 1.92%
Shire Plc Ads (SHPG) $171.50 1.88%
Baidu Inc. (BIDU) $217.30 1.79%
Nasdaq 100 - Fallers
Mercadolibre Inc. (MELI) $334.80 -2.90%
Facebook Inc. (FB) $174.70 -2.69%
Booking Holdings Inc. (BKNG) $1,824.99 -2.07%
Biomarin Pharmaceutical Inc. (BMRN) $100.32 -1.46%
Netflix Inc. (NFLX) $322.44 -1.21%
JD.com, Inc. (JD) $31.97 -1.21%
Qurate Retail Inc. (QRTEA) $21.96 -0.99%
Tesla Inc (TSLA) $335.45 -0.96%
Micron Technology Inc. (MU) $47.10 -0.82%
Microchip Technology Inc. (MCHP) $81.79 -0.67%