Investing.com – The Dow rallied on Thursday, driven by gains in Boeing and optimism that the U.S. and China are closing in on a trade deal.
The rose 0.64%, the gained 0.21%, while the fell 0.05%.
President Donald Trump stoked investor optimism over a China-U.S. trade deal, saying talks were “moving along nicely.”
But the president also cautioned that “if it’s not a great deal, we’re not doing it.”
Trump’s upbeat assessment helped ease investor uncertainty following mixed reports on trade. Myron Brilliant, the U.S. Chamber of Commerce’s executive vice president, said a trade deal is unlikely to be announced this week, according to The Wall Street Journal. The Journal reported a day earlier that Trump may announce plans for a summit with China’s President Xi Jinping later today when he meets with the country’s vice premier, Liu He.
Trade-sensitive industrials pushed the broader market higher, led by Boeing (NYSE:), even as the aircraft maker acknowledged similarities between two deadly crashes in recent months of its 737 MAX jetliner.
A preliminary report showed that an Ethiopian Airlines flight crew followed Boeing’s procedures to regain control of the plane before impact last month.
Boeing on Wednesday said its updated MCAS anti-stall software on 737 MAX 7 “worked as designed,” in a test flight designed to test failure in a range of different scenarios.
Energy also powered also powered the broader market higher despite U.S. oil prices settling 36 cents lower for the day.
In communication services, Alphabet (NASDAQ:) and Facebook (NASDAQ:) ended the day higher, with the latter supported by an upgrade from to buy from neutral at Guggenheim.
The upgrade arrived despite concerns about headwinds likely to weigh on growth.
“We still view the company’s video strategy as undeveloped and see the economic opportunity as limited without uniquely