S&P 500, Dow open at record highs on trade deal optimism

08 Novembre, 2019, 13:04 | Auteur: Auguste Feret
  • A pedestrian walks past the Wall Street subway station near New York Stock Exchange

Stocks rose broadly in early trading on Wall Street Thursday, pushing major indexes toward another set of records, after China said it agreed with the USA on a gradual pullback on tariffs if talks progress. Bond yields and prices move opposite to one another.

The S&P 500 opened higher by 10.24 points, or 0.33%, at 3,087.02.

Chipmaker Qualcomm soared 8% after reporting earnings that easily beat analysts' forecasts.

The gains came after China said it had agreed with the U.S.to gradually ease tariffs on each other's exports as part of an effort to scale back their trade war.

Six of the 11 primary S&P 500 sectors traded higher around the closing bell, with the energy sector up 1.43 percent, leading the winners.

The Dow Jones Industrial Average rose 97.60 points, or 0.36 per cent, at the open to 27,590.16. JPMorgan Chase climbed 1.2%.

The yield on 10-year Treasurys rose to 1.95% from 1.814% Wednesday as investors sold USA government debt, seen as a haven asset.

The Nasdaq is up 48.12 points, or 0.6%.

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The Russell 2000 index of small company stocks was outpacing the broader market in the early going with a gain of 1.1%.

Volume on US exchanges was 7.92 billion shares, compared with the 6.83 billion-share average for the full session over the last 20 trading days.

USA stocks closed higher on Thursday, as Wall Street remained optimistic for a potential approach to ease lingering U.S. Wall Street has been anxious that tariffs will crimp corporate and economic growth. The United States and China agreed to a preliminary deal in mid-October.

The rally also lifted the Dow and Nasdaq over the last two weeks to multiple records.

EARNINGS SCORECARD: It's a busy day for corporate earnings as the latest round of results nears the finish line. More than 85% of companies within the S&P 500 have reported so far.

Also on Thursday, Ralph Lauren Corp surged 14.7% after it topped second-quarter profit expectations, helped by a tighter control on expenses and strong demand for its Polo shirts and tweed jackets in China and Europe.

On the down side, Expedia Group Inc plunged 27.4% as the online travel booking company missed quarterly profit estimates.

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