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Graham Hart
Oct 11, 2019 11:05AM ET
get ready for hard drop going into Nov
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Stocks - Wall Street Surges on Hope of Trade War De-escalation
Published Oct 11, 2019 09:49AM ET
Updated Oct 11, 2019 10:06AM ET
Investing.com – Wall Street rose for the third straight session on Friday, as investors were buoyed by hope that the trade talks between the U.S. and China will result in at least a partial deal to de-escalate the current stand-off between the two.
The Dow rose 357 points or 1.4% by 9:48 AM ET (13:48 GMT), while the S&P 500 was up 39 points or 1.3% and the Nasdaq composite gained 118 points or 1.5%.
U.S. President Donald Trump told reporters on Thursday that talks between the two countries were going “really well,” which followed a tweet that he will meet with Chinese Vice Premier Liu He on Friday.
Trump again talked up market hopes early on Friday.
U.S. President Donald Trump told reporters on Thursday that talks between the two countries were going “really well,” which followed a tweet that he will meet with Chinese Vice Premier Lui He on Friday.
"It is still going to be a one step forward, two steps backward tone with the talks, but there are hopes of a de-escalation, "said Scott Brown, chief economist at Raymond James in St. Petersburg, Florida.
Companies with exposure to China were higher, with Apple (NASDAQ:AAPL) up 1.3%, NVIDIA (NASDAQ:NVDA) gaining 3.3% and Intel (NASDAQ:INTC) rising 2.3%. Tesla (NASDAQ:TSLA) surged 1.5%, while Slack gained 5% after it said its active daily users rose by 37% in September from a year ago.
Meanwhile oil companies were up after a report of attacks on an Iranian oil tanker caused crude oil futures to surge. Exxon Mobil (NYSE:XOM) and Chevron (NYSE:CVX) were both up 1%.
In commodities, the U.S. dollar index, which measures the greenback against a basket of six major currencies, was down 0.5% to 97.928 and gold futures tumbled 0.8% to $1,488.80 a troy ounce. Crude oil futures jumped 1% to $54.05 a barrel.
-Reuters contributed to this report
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Comments (6)
Milen YANKOV
Oct 11, 2019 11:01AM ET
My point of view: After the end of the day or at the weekend will be a Twitt that there is no deal. Get a profit before the end of the session
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Andrew Paeth
Oct 11, 2019 11:01AM ET
They may not ink anything today but they will probably agree to stop the bleeding. The election is 12.75 months away now.
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TradePA
Oct 11, 2019 11:00AM ET
Deception
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brad merck
Oct 11, 2019 10:54AM ET
fake
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Dang Tuan Nguyen
Oct 11, 2019 10:24AM ET
Trump is a suspicious man
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Kenny Venezia
Oct 11, 2019 10:22AM ET
LOL, a 400 point gain on hopes of trade War deescalation, now I know the economy going down
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David Chiou
Oct 11, 2019 10:22AM ET
Prepare for impact!
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