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.
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