Marley Jay, The Associated Press
Published Monday, January 7, 2019 10:52AM EST
Last Updated Monday, January 7, 2019 12:36PM EST
NEW YORK — U.S. stocks are rising Monday as retailers and small companies rally after a report showed strong orders for service companies in December. Those companies make up the bulk of the U.S. economy.
Representatives from the U.S. and China began anohter round of trade negotiations. U.S. stocks soared more than 3 per cent Friday as investors reacted to those upcoming talks as well report showing strong hiring by U.S. employers. They also responded positively to comments from Federal Reserve Chairman Jerome Powell. That wiped out a large loss from the day before.
KEEPING SCORE: The S&P 500 index added 22 points, or 0.9 per cent, to 2,554 as of noon Eastern time. The Dow Jones Industrial Average climbed 153 points, or 0.7 per cent, to 23,586. The Nasdaq composite gained 79 points, or 1.2 per cent, to 6,818. The Russell 2000 index jumped 22 points, or 1.6 per cent, to 1,403.
Any progress on ending a dispute that has resulted in both sides imposing tariffs on billions of dollars’ of each other’s exports would be welcomed in the markets. The South China Morning Post, citing a person familiar with the matter, reported that Trump plans to meet Chinese Vice-President Wang Qishan on the sidelines of the World Economic Forum in Switzerland later this month.
SURVEY SAYS: The Institute for Supply Management said an index of new orders for service companies rose last month. Overall, U.S. service firms kept growing, although the pace of that growth slowed somewhat.
Amazon rose 3 per cent to $1,621 and Home Depot picked up 2.3 per cent to $177.61. Automakers also rose, with General Motors up 3.5 per cent to $34.51 and Ford gaining 1.7