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Indexes climb on fresh hopes for U.S.-China trade deal

Stock MarketsOct 10, 2019 04:48PM ET
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© Reuters. Traders work on the floor at the NYSE in New York

By Caroline Valetkevitch

NEW YORK (Reuters) - U.S. stocks rose on Thursday on hopes that top-level U.S.-China trade talks would yield at least a partial deal, while a jump in Apple's shares also boosted the market.

Top U.S. and Chinese negotiators met on Thursday for the first time since late July to try to find a way out of a 15-month trade war.

After the bell, the S&P e-minis jumped and were last up about 1%, as U.S. President Donald Trump said the talks with China went "very well today."

He had tweeted earlier that he would meet with China's top negotiator, Vice Premier Liu He at the White House on Friday.

Chinese officials had indicated more willingness to negotiate, according to a Chinese state news agency Xinhua report, while a senior U.S. Chamber of Commerce official said U.S. and Chinese negotiators were working toward an "early harvest" of confidence-building agreements, including one to avoid currency manipulation.

Cyclical groups including energy, financials, industrials and materials were the day's best-performing sectors, while the Dow Jones transportation average (DJT) jumped 1.3%.

"There's still some hope that something happens here," said Bucky Hellwig, senior vice president at BB&T (NYSE:BBT) Wealth Management in Birmingham, Alabama.

"But there seems to be an acceptance that this thing may not be finished."

Apple Inc (O:AAPL) jumped 1.3% after Longbow Research upgraded the company's stock to "buy", citing higher iPhone 11 demand.

The Dow Jones Industrial Average (DJI) rose 150.66 points, or 0.57%, to 26,496.67, the S&P 500 (SPX) gained 18.73 points, or 0.64%, to 2,938.13 and the Nasdaq Composite (IXIC) added 47.04 points, or 0.6%, to 7,950.78.

Stocks have been volatile in recent weeks because of weak economic indicators showing a contraction in U.S. manufacturing and a bleak reading on business activity, bolstering bets of another interest rate cut by the Federal Reserve to combat a slowdown.

Data on Thursday showed U.S. consumer prices were unchanged in September, while underlying inflation retreated.

Among other stocks, Delta Air Lines Inc (N:DAL) fell 1.5% after the carrier forecast disappointing current-quarter profit.

Focus will shift even further to earnings next week when the reporting period begins in earnest. Analysts are forecasting a 3.1% decline in earnings for the third quarter from a year ago, based on IBES data from Refinitiv, and that could mark a recent low point in year-over-year quarterly changes.

Advancing issues outnumbered declining ones on the NYSE by a 1.71-to-1 ratio; on Nasdaq, a 1.27-to-1 ratio favored advancers.

The S&P 500 posted six new 52-week highs and four new lows; the Nasdaq Composite recorded 15 new highs and 128 new lows.

Volume on U.S. exchanges was 6.16 billion shares, compared to the roughly 7 billion average for the full session over the last 20 trading days.

Indexes climb on fresh hopes for U.S.-China trade deal
 

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Tim Lee
Tim Lee Oct 10, 2019 6:33PM ET
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Chinese are eating Ramen noodles. They are also selling worthless rebuilt alternators and starters for 39.00 on ebay
silver fox
silver fox Oct 10, 2019 3:24PM ET
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Well sure. They are out of pork chop suey
Derek Klardie
Derek Klardie Oct 10, 2019 2:35PM ET
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They will definitely wait until the market is closed. Then they'll have all weekend to pump , pump, pump for Monday.
Dario Pellegrino
jsstrade Oct 10, 2019 2:35PM ET
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Thinking maybe a spill come nwxt monday?
Guess it
7German7 Oct 10, 2019 2:24PM ET
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cant wait until tommorow on end of us session with us saying no deal but concessions made for talks in january lmao
Sam Mojtabai
Sam Mojtabai Oct 10, 2019 2:24PM ET
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How it always works
Derek Klardie
Derek Klardie Oct 10, 2019 2:16PM ET
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Word to episode 78.
Guess it
7German7 Oct 10, 2019 1:57PM ET
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its episode 78 guys
holy piger
holy piger Oct 10, 2019 1:57PM ET
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LOL
Atmosphere Mind
Atmosphere Mind Oct 10, 2019 1:20PM ET
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So, it's a perfect time to sell first then buy back after panic moment, tomorrow? #TrumpTweet #TradeDeal #LiuHe
Chris Sundo
Chris Sundo Oct 10, 2019 1:15PM ET
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"..giving market participants a reason to believe that perhaps.." --- Crowd psych of the talking heads and WS propaganda machine ... "Wer's glaubt wird seelig" say the German natives (ie if you believe it you'll become blessed) :)
Chris Sundo
Chris Sundo Oct 10, 2019 1:15PM ET
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Let's hope for a pop'n drop, tmr at the open
Andrew Gatlin
JustaGuy Oct 10, 2019 1:14PM ET
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Market = Charlie Brown,   Potential Trade Deal = Lucy with a football
Erski Gumby
SB20 Oct 10, 2019 1:14PM ET
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LOL
Anand Krishnan
Anand Krishnan Oct 10, 2019 1:07PM ET
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It's all manipulation. Keep an eye on cboe pcall, VIX, and audjpy.
holy piger
holy piger Oct 10, 2019 12:37PM ET
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trade fear 2days ago, then trade hope yesterday, and vanishing of trade in 6 hours ago then hope now, media
Jacky Lee
Jacky Lee Oct 10, 2019 12:37PM ET
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Media nowadays.. they dont report news, they make news
Tukane Sizwe
Tukane Sizwe Oct 10, 2019 12:26PM ET
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Please help at exactly this time why is pound gaining strength on GBPUSD pair because there are no economic news released?
Mart Bab
Rubberduck1973 Oct 10, 2019 12:26PM ET
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https://www.bbc.com/news/uk-politics-49995133
Faisal Turkistani
Faisal Turkistani Oct 10, 2019 12:15PM ET
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LoL Keep on hoping
Valterra Biotech
Valterra Biotech Oct 10, 2019 12:15PM ET
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Nothing will work with adamant President of USA and neither with PM of India
Jaffer khan
Jaffer khan Oct 10, 2019 12:02PM ET
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from.2 years market is suffering from trade deal..hope it happends tommorow...
holy piger
holy piger Oct 10, 2019 12:02PM ET
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trump is making money every tweet! this should be BANNED!
Chris Sundo
Chris Sundo Oct 10, 2019 12:02PM ET
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holy piger  -- 'insider trading' by a prez of big country -- bet the SEC will look the other way, while us little guys get stiffed with big taxes and fines --- This should be banned. --- I bet Trump, a billionaire has committed income tax fraud, judging by the way he stalls the returns, by taking money from the common citizens. --- This should be banned. --- With such fiscal discipline America will never make progress against the commies.
Rico Su
Rico Su Oct 10, 2019 12:02PM ET
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Haha, yes, he buys after he makes a negative tweet, then sells after he makes a positive tweet
Hitesh Mistry
Hitesh Mistry Oct 10, 2019 10:51AM ET
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lets hope for better conclusion on trade deal..thus will be in the interest of global market too..
Chris Sundo
Chris Sundo Oct 10, 2019 10:51AM ET
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Any progress with the commies will be PROGRESS FOR HUMANITY
 
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