Stocks Move Broadly Higher On Wall Street On Trade Hopes

FILE – In this Oct. 2, 2019, file photo traders Daniel Trimble, left, and Timothy Nick work on the floor of the New York Stock Exchange. The U.S. stock market opens at 9:30 a.m. EDT on Wednesday, Oct. 9. (AP Photo/Richard Drew, File)

NEW YORK — U.S. stocks moved broadly higher Wednesday as investors grew more hopeful that the U.S. and China could make some progress in their latest round of trade negotiations.

China has reportedly signaled that it is open to a partial deal on trade. Both sides had held off from further escalating the feud up until this week, when the U.S. blacklisted a group of Chinese technology companies over alleged human rights violations.

Envoys from the U.S. and China are still expected to meet Thursday to start a 13th round of trade talks.

Technology stocks, including Microsoft and Apple, led the gains. The sector has been suffering most of the week because of uncertainty over the talks. Many of the companies rely on China for revenue and their supply chains.

Citigroup led bank stocks higher with a gain of 1.3%.

Bond yields rose in another sign that investors were shifting to higher risk assets. The yield on the 10-year Treasury rose to 1.56% from 1.53% late Tuesday.

The health care sector also made solid gains, along with energy stocks and companies that rely on consumer spending. Real estate companies and utilities lagged the market in a sign that investors were less interested in safe-play sectors.

KEEPING SCORE: The S&P 500 rose 0.6% as of 11:30 a.m. Eastern time. The Dow Jones Industrial Average rose 119 points, or 0.5%, to 26,288. The Nasdaq rose 0.8%.

VERY VOLATILE: The sharp shifts in trade war rhetoric and actions have made for an extremely volatile market over the last few months. Investors are still hoping for a trade deal, but are not expecting it to come any time soon. Despite the gains Wednesday, stocks are still on track for their fourth weekly loss in a row as uncertainty hangs over the markets.

The S&P 500 is down 1.4% for the week and the technology-heavy Nasdaq has shed 1.2%. The Dow has lost 1.1%.

OVERSEAS: European markets moved broadly higher. The Bank of England said that the U.K. financial system is prepared to cope with Britain’s departure from the European Union if there is no deal on trade and other issues. Britain is currently on track to leave the 19-member trading bloc on Oct. 31.

Stocks in Asia were mixed, though Hong Kong’s Hang Seng fell as anti-government protests continue.

FED WATCH: Investors are anticipating the release later Wednesday of minutes from the Federal Reserve’s September meeting, when it cut interest rates for the second time this year. The central bank has said it is ready to continue taking measures to maintain U.S. economic growth amid growing uncertainty brought on by the U.S.-China trade war.

DOWN RIVER: James River Group Holdings plunged 22.7% in heavy trading after the insurer said it will canceling policies early for its largest customer, saying they weren’t meeting its goals for profitability.

BRUISED: Johnson & Johnson fell 2.3% after the health care company was ordered to pay $8 billion in punitive damages by a Philadelphia jury in a case involving the antipsychotic drug Risperdal.

By DAMIAN J. TROISE – Oct 9. 2019 – 11:49 AM ET



News Sources

  • ABC
  • Access Hollywood
  • Associated Press
  • BBC
  • Bloomberg
  • Boston Globe
  • C-SPAN
  • CBS
  • Chicago Sun-Times
  • Christian Science Monitor
  • Center for Public Integrity
  • CNN
  • Congressional Quarterly
  • Democracy Now!
  • Digg
  • E! Online
  • Entertainment Weekly
  • Financial Times
  • Forbes
  • Foreign Policy
  • Fortune
  • Front Street Magazine

  • U.S. News, World News
  • Business, Politics
  • Entertainment, Sports
  • Art, Lifestyle
  • Videos And More
  • News Sources

  • Fox News
  • Google News
  • Guardian
  • Huffington Post
  • Independent
  • LA Weekly
  • Los Angeles Times
  • McClatchy
  • Mother Jones
  • National Journal
  • NBC New
  • New York Post
  • New York Times
  • Newsweek
  • Newsy
  • NPR
  • PBS NewsHour
  • People
  • Politico
  • Reuters
  • TPM
  • Washington Post
  • Thanks For Your Support!


    Copyright © 2020 Front Street Magazine. All Rights Reserved.