Tuesday, 25 September, 2018

Wall St opens higher on hopes of trade concessions

US: Wall St opens higher on hopes of trade concessions Markets update at midafternoon
Priscilla Morrison | 09 July, 2018, 08:44

The broad advance in stocks suggests that traders anticipate that the trade spat won't last long enough or escalate badly enough to cause serious damage to either country's economy.

The Dow Jones Industrial Average jumped 138.86 points, or 0.57 per cent, to 24,495.60.

Private US firms added 177,000 employees last month, according to payrolls firm ADP, a bit below the pace in May but a level that was still seen as solid.

But although the S&P 500 on some days has been hit hard by signs of an escalating trade conflict, the index rose 0.6 percent on Friday after the United States and China enacted their tariffs. The Nasdaq composite increased 101 points, or 1.3 percent, to 7,688. Investors were also encouraged by a solid pickup in hiring by USA employers last month.

U.S. President Donald Trump has warned that the United States may ultimately target over $500 billion worth of Chinese goods, an amount that roughly matches its total imports from China previous year.

More news: Kirk leads Creek LPGA with record-tying 62

The Russell 2000 index of smaller-company stocks picked up 14.57 points, or 0.9 percent, to 1,694.05. Investors have pulled money out of emerging markets and European equities more quickly over the last two months than in 2016, Bank of America Merrill Lynch strategists said on Friday in a weekly note.

Consumer staples also advanced, such as Procter & Gamble, which gained 1.6 per cent and Mondelez International, which climbed 2.5 per cent. U.S. President Donald Trump upped the ante on Thursday night, warning that the United States may ultimately target over $500 billion worth of Chinese goods.

The S&P 500 index rose 5 points, or 0.2 percent, to 2,741.

The Russell 2000 is up 143.97 points, or 9.4 percent.

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