NEW YORK (Reuters) – Global stocks edged lower on Thursday, as investors looked for tangible signs of progress in U.S.-China trade talks while the euro was dented after disappointing economic data out of Germany.
The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, April 2, 2019. REUTERS/Staff
Mixed reports about the progress of a trade deal left investors unwilling to take on more risk after a five-day run of gains that sent stocks to a six-month high.
White House economic adviser Larry Kudlow said on Wednesday the two sides aimed to bridge differences during talks, which could extend beyond three days this week. On Thursday, an administration official said the White House is not expected to announce a date on Thursday for a meeting between President Donald Trump and Chinese President Xi Jinping on trade.
After a run of mixed economic data, Friday’s U.S. payrolls report also loomed large for investors for signs the labor market remained robust. Labor market data on Thursday showed weekly jobless claims fell to their lowest level since 1969.
“Things are pretty quiet and there has been a real lack of news, and really it’s been a mixed bag as far as what we’ve been seeing from economic data this week,” said Sahak Manuelian, managing director, equities trading at Wedbush Securities in Los Angeles.
The Dow Jones Industrial Average rose 168.82 points, or 0.64%, to 26,386.95, the S&P 500 gained 4.43 points, or 0.15%, to 2,877.83 and the Nasdaq Composite dropped 1.71 points, or 0.02%, to 7,893.84.
Germany’s data showed industrial orders fell at their sharpest rate in more than two years in February, driven largely by a slump in foreign demand.
It compounded signals that Europe’s largest economy has had a soft