U.S. stocks rose on Thursday on optimism the United States and China could resolve their trade dispute, after a news report said Washington would pause further tariffs on Chinese imports.
Wall Street`s major indexes reversed an early drop after the Financial Times reported that U.S. Trade Representative Robert Lighthizer told a group of industry executives the next tranche of tariffs on Chinese imports was on hold.
Wall Street momentarily pared gains after a spokesperson for Lighthizer denied the report, saying plans for the tariffs had not changed. But stocks resumed their upswing and rose further in the last half-hour of trading.
"We`re getting conflicting messages, but the market is absolutely primed for any piece of good news it can get ahold of," said Michael Antonelli, managing director of institutional sales trading at Robert W. Baird in Milwaukee. "The market has been beaten down, and it`s weary. If it catches a ray of sunshine, it gets excited again."
The benchmark S&P 500 index <.spx> gained 28.62 points, or 1.06 percent, to 2,730.2, snapping five days of losses. Shares of Apple Inc
The Dow Jones Industrial Average <.dji> rose 208.77 points, or 0.83 percent, to 25,289.27 and the Nasdaq Composite <.ixic> added 122.64 points, or 1.72 percent, to 7,259.03.
Shares of Cisco Systems Inc
Department store operator Dillard`s Inc
The gloomy Dillard`s and J.C. Penney results hurt Walmart Inc
Shares of PG&E Corp
Advancing issues outnumbered decliners on the NYSE by a 1.35-to-1 ratio; on Nasdaq, a 2.05-to-1 ratio favoured advancers.
The S&P 500 posted six new 52-week highs and 19 new lows; the Nasdaq Composite recorded 17 new highs and 154 new lows.
Volume on U.S. exchanges was 8.67 billion shares, up from the 8.58 billion average over the last 20 trading days.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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