The Dow surged on Thursday after the US and China made headway toward the next round of trade negotiations, triggering market euphoria. | Source: Nicolas ASFOURI / AFP
The Dow bounded toward a second straight titanic advance on Thursday after the United States and China cleared what had proven to be an unexpectedly difficult hurdle: setting a date to return to the negotiation table.
Dow Eyes Titanic Rally
Wall Street’s three major indices rose in unison at the open, consolidating gains teased by a bullish futures session. The Dow Jones Industrial Average surged 304.62 points or 1.16% to 26,660.09.
The Dow spiked at the open for a second straight day. | Source: Yahoo Finance
The S&P 500 rallied 29.29 points or 1.00% to 2,967.07. Nine of 11 primary sectors reported gains, led by financials and technology.
The Nasdaq jumped 97.02 points or 1.22% to 8,073.90.
Wall Street Seizes on Trade War Progress
Euphoria, or maybe it was just relief, swept through Wall Street after US and Chinese officials held their first top-level phone call in more than three weeks.
According to the South China Morning Post, US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin spoke on the phone with Chinese Vice-Premier Liu He this morning. The three men had not spoken since August 13, when they agreed to schedule a meeting in Washington in September.
However, multiple trade war escalations clouded the outlook for US-China relations, putting the fate of the next round of in-person negotiations in doubt.
We now know for sure that the September meeting will not happen. Instead, the Wall Street Journal Reports that Lighthizer, Mnucin, and Liu will meet in person during early October.
Dow Trades Sideways as Trade War Festers
Wall Street clearly craves an amicable conclusion