Wall Street rose on Wednesday on hopes of progress in US-China trade talks, though stocks pared gains late after Chinese officials said Beijing had lowered expectations for negotiations this week. All three major US stock averages closed in the black, but lost ground as the closing bell approached after Chinese officials said goodwill was damaged by the US Commerce Department’s blacklisting of 28 Chinese companies this week.
Minutes from the US Federal Reserve’s September meeting showed most policymakers supported last month’s interest rate cut, and while all were generally more concerned with risks associated with the US-China trade war and slowing global growth among other geopolitical issues, they differed on what that meant for the US economy. Trade tensions, signs of slowing economic growth and rising geopolitical tensions have gripped equity markets so far this month, with the S&P 500 and Dow Jones indexes off about 2 per cent since the end of September.
The Dow Jones Industrial Average rose 182.1 points, or 0.7 per cent, to 26,346.14, the S&P 500 gained 26.34 points, or 0.91 per cent, to 2,919.4 and the Nasdaq Composite added 79.96 points, or 1.02 per cent, to 7,903.74. All 11 major sectors of the S&P 500 closed higher, with technology and energy enjoying the largest percentage gains. Trade-sensitive chipmakers rose, with the Philadelphia SE Semiconductor index rising 1.7 per cent. Microsoft led the Dow’s gain, advancing 1.9 per cent, while Johnson & Johnson was the blue-chip index’s sole decliner.Morning-Market-Note-Thursday-10th-October