Business Silvergate CEO Alan Lane (second from right) is applauded as he rings the New York Stock Exchange opening bell before his bank’s IPO begins trading. (AP Photo/Richard Drew) 08 Nov 2019 05:36AM(Updated: 08 Nov 2019 05:40AM) Share this content
NEW YORK: The Dow and S&P 500 finished at fresh records on Thursday following Chinese comments that pointed to a potential removal of tariffs in the long-running trade war with the United States.
The Dow Jones Industrial Average ended up 182.24 points (0.66 per cent) at 27,674.80, about 180 points above the all-time high of two days ago.
The broad-based S&P 500 gained 8.40 points (0.273 per cent) to 3,085.18, while the tech-rich Nasdaq Composite Index advanced 23.89 points (0.28 per cent) to 8,434.52.
Investors welcomed statements from Chinese officials that the two sides have agreed a plan to remove tariffs imposed on goods in stages if a preliminary “phase one” agreement announced last month is finalised.
However, the White House did not publicly comment on the claim and gains moderated following a Reuters report that described opposition to rolling back tariffs within the White House.
The pullback revealed continued doubt about a US-China trade agreement despite more conciliatory signs from both sides, said Karl Haeling of LBBW.
“Until this thing is nailed down, there is still a lingering concern that it could fall apart,” Haeling said. “You’re one tweet away, so to speak.”
Haeling said investors were also cheered by a big jump in US Treasury yields, a sign of reviving confidence in global growth as recession fears have ebbed.
Among individual companies, Expedia plunged 27.4 per cent after reporting disappointing third-quarter results due in part to higher spending on marketing.
Ralph Lauren surged 14.6 per cent as it