Trade war thaw and European Central Bank stimulus hopes buoys stocks

13 Septembre, 2019, 04:44 | Auteur: Auguste Feret
  • US stocks edge higher as China eases trade tensions

U.S. stocks opened on Thursday after the United States delayed scheduled tariff hikes on billions worth of Chinese imports, and the European Central Bank cut interest rates in an effort to boost euro zone economic growth.

At 13:50 a.m. ET, the Dow Jones Industrial Average was up 155.02 points, or 0.57 percent, at 27,292.06, the S&P 500 was up 18.54 points, or 0.62 percent, at 3,019.47 and the Nasdaq Composite was up 53.61 points, or 0.66 percent, at 8,223.29.

Stocks moved higher Thursday, with the S&P 500 briefly topping its July 24 closing high, pushed higher by a thaw in U.S.

The December gold contract was up US$4.80 at US$1,508.00 an ounce and the December copper contract was up 3.25 cents at US$2.65 a pound.

Technology, financial and consumer-focused stocks helped power the modest rally, which extended the market's solid gains from the day before despite losing some momentum in the final hour of trading.

In New York, the benchmark S&P 500 index, which had been essentially flat since Friday, is on track for its third straight weekly gain.

Industrial bellwethers Deere & Co and Caterpillar Inc ended the session down 1.1% and 1.0%, respectively, after Wells Fargo downgraded their shares to "market perform".

China on Wednesday unveiled the first set of USA goods to be excluded from the first round of additional tariffs on US products, which will help effectively deal with economic and trade frictions and ease enterprises' burdens, experts said.

The decision comes after China extended an olive branch by exempting some US anti-cancer drugs and other goods from additional tariffs, ahead of planned high-level trade negotiations.

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The two countries' conciliatory moves Wednesday and Thursday have raised hopes on Wall Street that the upcoming round of trade negotiations may yield a different outcome than previous attempts. -China trade scenario and a batch of economic data.

The S&P 500 posted 39 new 52-week highs and one new low; the Nasdaq Composite recorded 81 new highs and 20 new lows.

Chipmaker Intel gained 0.4%, while Advanced Micro Devices rose 1.5%.

Energy stocks fell 0.78% and were the biggest drag on the S&P, as oil prices fell after a meeting of the OPEC+ alliance yielded no decision on deepening supply cuts. UnitedHealth Group fell 1.8%.

The yield on the 10-year Treasury rose to 1.74% from 1.73% a day earlier. Medical device maker Abbott gained 1.3%. The pound rocketed to a six-week high on Monday, reversing last week's losses as investors welcomed the British parliament's move to block a no-deal Brexit on October 31.

Investor confidence got an early boost from the European Central Bank, which promised continued stimulus to the ailing eurozone economy through asset purchases.

Benchmark crude oil fell 66 cents to settle at $55.09 a barrel. Declining issues outnumbered advancers for a 1.07-to-1 ratio on the Nasdaq. The euro strengthened to $1.1073 from $1.1007.

The dollar rose to 108.14 Japanese yen from 107.79 yen on Wednesday.


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