Markets Right Now: Walmart leads gains for US stock indexes

Markets Right Now: Walmart leads gains for US stock indexes

U.S. shares rebounded on Thursday after Chinese officials announced they would send a senior negotiator to the United States later this month to resume trade talks, the first publicly announced meeting on the escalating dispute in weeks.

At 9.52am EDT the Dow Jones Industrial Average was up 323.31 points, or 1.28 per cent, at 25,485.72, the S&P 500 was up 18.96 points, or 0.67 per cent, at 2,837.33 and the Nasdaq Composite was up 45.31 points, or 0.58 per cent, at 7,819.43.

A 2.9 percent drop in Caterpillar and a 1.4 percent slide in Boeing weighed on the Dow Jones Industrial Average.

Marine transportation, precision instrument, and mining-oriented issues comprised those that gained the most by the close of play.

Wall Street pros cited a possible thaw in the ongoing trade war between the world's two largest economies for lifting the mood of the market, which has stalled recently due to fears that the tit-for-tat tariff skirmish between China and the US would harm the global economy. E-commerce giant Alibaba fell 2.6 percent, JD.com was down 5.8 percent and Baidu 2.3 percent.

The S&P 500 index rose 26 points, or 0.9 percent, to 2,844.

High-flying technology stocks Microsoft, Google-parent Alphabet and Facebook fell between 0.6 percent and 1.2 percent, weighing on the technology sector overall.

The Russell 2000 index of smaller-company stocks gained 0.9% to conclude at 1,685.

Bond prices fell. The yield on the 10-year Treasury rose to 2.89 percent.

Second-quarter earnings have been stronger than expected, with 79 per cent of the 460 S&P 500 that have reported so far beating analyst expectations, according to Thomson Reuters I/B/E/S.

Chinese officials announced they would send a senior negotiator to the United States in late August to resume trade talks, the first public meeting on the dispute in weeks as the trade conflict intensifies.

Meanwhile, Beijing has lodged a complaint to the World Trade Organization to help determine the legality of USA tariff and subsidy policies.

The two sides haven't held talks since early June. And import levies are set to rise again next week, as both countries have threatened larger increases.

Up until now, the USA economy and stock market have been able to shrug off the trade war headwinds.

"It's clear that trade is not having as big a negative impact as investors had previously feared", says Alec Young, managing director of global markets research at FTSE Russell.

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