Stocks gain on trade talk hopes
ETF Trends CEO Tom Lydon on the state of the markets.
Stocks gained Thursday following the latest positive economic data, while hopes that trade talks with China may get going added support.
The Dow Jones Industrial Average jumped 147.07 points, or 0.57 percent, to 26,145.99. The broader S&P 500 climbed for the fourth straight day, rising 15.26 points to 2,904.18. The Nasdaq Composite was up 59.48 points, or 0.75 percent, at 8,013.71.
Economic data released Thursday included weekly jobless claims, which stayed at a 49-year low, and consumer price inflation, which tapered to an annual clip of 2.7 percent from 2.9 percent.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 44296.51 | +426.16 | +0.97% |
| SP500 | S&P 500 | 5969.34 | +20.63 | +0.35% |
| I:COMP | NASDAQ COMPOSITE INDEX | 19003.651134 | +31.23 | +0.16% |
President Trump’s chief economic adviser Larry Kudlow confirmed to FOX Business on Wednesday that Treasury Secretary Steven Mnuchin has proposed renewed trade talks with China. However, the next round of talks on a trade agreement with Canada are on hold.
A meeting was reportedly expected to be held on Thursday, but Canadian Foreign Minister Chrystia Freeland went back to Canada to brief Prime Minister Trudeau and says she is staying there and that officials needed to do more work before she could hold fresh talks.
All eyes are also on the Carolina coast as Hurricane Florence remains on track to make landfall in the next day. The force of the hurricane has been downgraded to a category 2 from a category 4.
Industries such as air travel, home improvement centers, generator makers and insurance companies may remain active on Thursday.
FOX Business' Leia Klingel contributed to this article.