The Dow Jones industrials and the S&P 500 ended at record highs again Thursday, but they would have been even higher if not for a late-afternoon report saying a proposed rollback of tariffs was facing stiff opposition in the White House.
Bond prices fell sharply.
The S&P 500 opened higher by 10.24 points, or 0.33 per cent, at 3,087.02.
Of the 430 companies in the S&P 500 that have reported earnings through Thursday, almost three-quarters have beaten analyst expectations, according to Refinitiv.
The gains came after China said it had agreed with the U.S.to gradually ease tariffs on each other's exports as part of an effort to scale back their trade war.More news: Bengals' Green expected to sit Sunday
Energy (+1.6%) topped today's S&P sector leaderboard as WTI crude oil climbed 1.4% to $57.15/bbl, followed by communication services (+0.7%), information technology (+0.7%) and financials (+0.7%).
The Dow Jones Industrial Average was up 182.24 points, or 0.66 percent, to 27,674.80. Apple (NASDAQ:AAPL), JPMorgan Chase (NYSE:JPM), truck maker Paccar (NASDAQ:PCAR) and Walmart (NYSE:WMT) hit all-time highs.
The 10-year Treasury yield is up at 1.916%, implying weaker demand for the government bond.
The Nasdaq is up 48.12 points, or 0.6%.
Chip stocks, normally sensitive to trade, also notched gains, with the Philadelphia Semiconductor Index rising 0.7 percent.More news: Mammoth bones found in man-made pit reveal pre-historic hunting tactics
Markets in Europe and Asia also rose.
TRADING ON TRADE: The encouraging development in U.S. -China negotiations is giving the market direction after a day of listless trading as investors absorbed the latest round of corporate earnings.
China said it had agreed with the United States to remove tariffs in phases, while state-owned Xinhua News Agency said Beijing was also considering removing restrictions on poultry imports.
Stocks are ending higher on Wall Street following hopes that China and the USA are getting closer to a trade deal. More than 85% of companies within the S&P 500 have reported so far.
Shares of Qualcomm rose 6.32 percent, after the US semiconductor and telecommunications equipment company reported third-quarter earnings that topped analysts' estimates, as boosted by its licensing operation.More news: YouTube Homepage Redesign Brings Larger Thumbnails, More Features
Expedia Group Inc tumbled 22.5% as the online travel booking company missed quarterly profit estimates.
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