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 October 9, 2019 - 4:23 PM EDT
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Trade Hope Helps End Stock Slump

Trade Hope Helps End Stock Slump

Stocks rose for the first time in three days on Wednesday as traders hoped for some kind of deal to come from U.S.-China trade talks beginning on Thursday, even if it's a limited pact.

The Dow Jones Industrials hiked 197.64 points to 26,361.68

The S&P 500 recovered 26.34 points to 2,919.40

The NASDAQ Composite spiked 79.96 points, or 1%, to 7,903.74

Stocks narrowed their gains heading into the close after media reports the Chinese had lowered their expectations for these talks.

Apple shares contributed to the gains, rising 1.3% after an analyst at Canaccord Genuity hiked his price target on the iPhone maker to $260 per share from $240. Tech was the best-performing sector in the S&P 500, gaining more than 1%.

Earlier in the day, Bloomberg News reported China is prepared to accept a partial trade deal as long as no more tariffs are imposed by President Donald Trump. The report added that Beijing would offer non-core concessions like purchases of agricultural products in return, but not budge on major sticking points between the two nations.

Separately, the Financial Times reported that officials in China are offering to increase purchases of U.S. agricultural products, in order to reach a partial deal.

On the data front, the U.S. Bureau of Labor Statistics revealed that the Job Openings and Labor Turnover Summary (JOLTS for short) number of job openings was little changed at 7.1 million on the last business day of August, hires edged down to 5.8 million and separations were little changed at 5.6 million.

Meanwhile, the Federal Reserve released the minutes from its September meeting. The minutes showed the trade war remains a concern for Fed officials. However, they also showed central-bank officials think the market may be overly optimistic about the number of rate cuts moving forward. Stocks showed little reaction to the minutes.

Prices for the benchmark 10-year U.S. Treasury lost ground, raising yields to 1.58% from Tuesday's 1.53%. Treasury prices and yields move in opposite directions.

Oil prices retained gains of but two cents to $52.65 U.S. a barrel.

Gold prices added $7.50 to $1,511.40 U.S. an ounce.


Source: Livemoney (October 9, 2019 - 4:23 PM EDT)