Hopes of US-China trade truce boosts stocks on Wall Street
US stocks edged up today amid mounting optimism over trade talks between the US and China.
The S&P 500 and Nasdaw Composite both rose by slightly over 0.5 per cent after trading opened.
Meanwhile, the Dow Jones industrial average rose 117 points, or 0.4 per cent, led by a rise in Apple’s share price following a bullish analyst note.
Read more: Housing market uncertainty persists
However, analysts expressing scepticism over Netflix’s upcoming quarterly results turned the stock negative, reversing some wider early market gains.
Investor hopes of a trade deal between Washington DC and Beijing have grown on the back of US treasury secretary Steven Mnuchin’s announcement that he would meet his Chinese counterpart in two weeks.
Mnuchin revealed that the world’s two largest economies had made some progress in easing tit-for-tat tariff tensions in last week’s deputy-level meetings.
Read more: City moves – who is moving jobs?
Stocks on Wall Street have taken a beating from trade rows between the two sides in recent months, but the major indices are still near record highs that were set in July.