Stocks climb as Trump teases big trade meeting
Stocks climbed Thursday after President Trump disclosed plans for a White House meeting with Liu He, China's vice premier and chief trade negotiator, spurring speculation that the world's two largest economies are moving closer to a trade deal.
The blue-chip Dow Jones Industrial Average rose 150 points, or 0.6 percent, while the broader S&P 500 and the tech-heavy Nasdaq also gained less than 1 percent. The major averages have been whipped around in recent days amid conflicting reports on the chances of any sort of agreement between the U.S. and Chinese negotiators, who are in Washington for two days of talks.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 43870.35 | +461.88 | +1.06% |
| SP500 | S&P 500 | 5948.71 | +31.60 | +0.53% |
| I:COMP | NASDAQ COMPOSITE INDEX | 18972.420086 | +6.28 | +0.03% |
Trade-sensitive names were mostly higher.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AMD | ADVANCED MICRO DEVICES INC. | 137.49 | -0.11 | -0.08% |
| NVDA | NVIDIA CORP. | 146.67 | +0.78 | +0.53% |
| AAPL | APPLE INC. | 228.52 | -0.48 | -0.21% |
| CAT | CATERPILLAR INC. | 389.59 | +8.09 | +2.12% |
On the earnings front, Delta Air Lines reported better-than-expected earnings but missed on revenue. The airline gave a disappointing earnings outlook for the fourth quarter, sending shares lower.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| DAL | DELTA AIR LINES INC. | 63.34 | -0.28 | -0.45% |
Elsewhere, Bed Bath & Beyond was sharply higher after the retailer hired Target executive Mark Tritton to be its next CEO.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| bbby | NO DATA AVAILABLE | - | - | - |
Shares of the California utility Pacific Gas & Electric plummeted after a U.S. bankruptcy judge ruled that a plan developed by bondholders, led by the hedge fund Elliott Management and supported by California citizens with claims against the utility for damage caused by the wildfire, should be considered. The utility filed for Chapter 11 bankruptcy protection in January because of liabilities related to northern California wildfires in 2017 and 2018.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| pge | NO DATA AVAILABLE | - | - | - |
In Asia, Japan's benchmark Nikkei finished the session with a gain of 0.5 percent, Hong Kong's Hang Seng closed up 0.1 percent and China's Shanghai Composite ended the day up 0.8 percent.
In Europe, London's FTSE and Germany's DAX are up less than 1 percent and France's CAC is higher by 0.8 percent.
FOX Business' Ken Martin contributed to this report.