Investing.com - The Dow rose for a third-straight day Thursday as positive remarks from President Donald Trump on China-U.S. trade relations fueled hopes that both nations will seek to resolve their bitter trade dispute.
The Dow Jones Industrial Average rose about 1.06%. The S&P 500 rose 1.06%, while the Nasdaq Composite rose 1.75%.
Trade-sensitive names swung into positive action after Trump stoked optimism over U.S.-China trade relations, saying in a tweet that discussions with President Xi Jinping were "moving along nicely," with meetings scheduled at the G-20 summit in Argentina on Nov. 30-Dec. 1.
Boeing (NYSE:BA) and Caterpillar (NYSE:CAT), bellwethers of international trade, rallied more than 2%, lifting industrials and the broader market.
A slew of upbeat earnings from different corners of the market also added some clout to the rally on Wall Street.
DowDuPont (NYSE:DWDP) rose 8%, lifting the materials sector, after it posted third-quarter earnings that beat consensus, while semis chipped away at some of October's losses following a rally in NXP Semiconductors (NASDAQ:NXPI) on the back of an above-forecast earnings report.
Energy names also lifted sentiment on equities, shrugging off a 2.5% slump in oil prices on reports that OPEC October oil production hit its highest level since 2016.
Casino stocks with Macau exposure also played a role in the broader-market rally as hopes of economic stimulus from China triggered a rebound in the gambling mecca, which saw revenue growth slow last month.
Wynn Resorts (NASDAQ:WYNN) rose 12%, Las Vegas Sands (NYSE:LVS) rose 11.8% and MGM Resorts International (NYSE:MGM) rose 4.6%.
In postmarket corporate earnings news, Apple Inc (NASDAQ:AAPL) shares slipped 4% on weaker-than-expected revenue guidance.
Starbucks (NASDAQ:SBUX) rallied 8% in after-hours trade after the company posted better-than-expected earnings and same-store sales growth during the fourth quarter. While Shake Shack (NYSE:SHAK) slumped in after-hours trading as it posted same-store sales that fell short estimates.
In economic news, investors digested mixed economic data showing ongoing strength in the labor market, while a decline in manufacturing activity led some analysts to warn that trade tensions and a stronger dollar could keep a lid on capital expenditure.
"The stronger dollar and slowdown in global trade may finally be coming to bear. Uncertainty about the environment will likely be a deterrent for capital spending," Wells Fargo said.
Ahead of the U.S. nonfarm payrolls report due Friday, initial U.S. weekly jobless claims fell to 214,000 last week, while continuing claims remained at their lowest levels since 1973, the Labor Department reported Thursday.
Top S&P 500 Gainers and Losers Today:
Newfield Exploration (NYSE:NFX), Wynn Resorts (NASDAQ:WYNN) and Advanced Micro Devices (NASDAQ:AMD) among the top S&P 500 gainers for the session.
Allstate (NYSE:ALL), Fiserv (NASDAQ:FISV) and Hanesbrands (NYSE:HBI) were among the worst S&P 500 performers of the session.