Markets Right Now: US stocks jump on trade-talk optimism
NEW YORK (AP) — The latest on developments in financial markets (all times local):
Stocks are jumping Friday on optimism that the world’s largest economies can make progress in their trade war.
The S&P 500 is on track for its biggest gain in two months.
Before meeting with Chinese Vice Premier Liu He at the White House, President Donald Trump tweeted, “Good things are happening.”
Industrial stocks helped lead the way. Bank stocks, which benefit from rising rates and a healthier economy, were also strong.
The S&P 500 rose 49 points, or 1.7%, to 2,988 and is on pace for its best day since August.
The Dow Jones Industrial Average rose 433 points, or 1.6%, to 26,930 after earlier being up nearly 500 points. The Nasdaq rose 146, or 1.8%, to 8,097.
Bonds fell. The yield on the 10-year Treasury jumped to 1.74%.
Stocks are rising broadly in early trading on Wall Street as traders hope that the U.S. and China could make progress on trade talks.
President Donald Trump is set to meet China’s lead trade envoy later Friday at the White House. The latest round of talks resumed on Thursday.
Technology companies, which tend to do a lot of business with China, led the way higher. Qualcomm rose 2.6% and Applied Materials added 2%.
The S&P 500 rose 29 points, or 1%, to 2,967.
The Dow Jones Industrial Average rose 312 points, or 1.2%, to 26,812. The Nasdaq rose 99 points, or 1.3%, to 8,051.
Bond prices fell as traders moved money out of lower-risk assets. The yield on the 10-year Treasury rose to 1.71%.