Trump-Xi Comments and Tech Sector Boost Wall Street

U.S. stocks rose for a third straight day on Thursday, as industrials gained after President Donald Trump said trade talks with China were “moving along nicely” and healthy results from chipmakers boosted optimism.



Trump said he plans to meet with his Chinese counterpart Xi Jinping at the G-20 summit in Argentina at the end of the month, reviving hopes that the world’s two biggest economies could resolve their bitter trade dispute.

“We got some great earnings so markets started off okay, but then drifted lower, and just as that tweet came out, things turned around, so this shows that trade continues to be a focus for the markets,” said Kim Forrest, senior equity research analyst at Fort Pitt Capital Group in Pittsburgh.

The trade-sensitive S&P industrial sector .SPLRCI rose 1.56 percent, with Boeing Co (BA.N) and Caterpillar Inc (CAT.N) leading the gains.

via Reuters

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza