US stocks rise on report of China trade talks progress

Fawad Maqsood December 11, 2018

NEW YORK: Wall Street stocks opened higher Tuesday, joining several overseas equity markets following a report that the United States and China resumed trade talks.

About 15 minutes into trading, the Dow Jones Industrial Average stood at 24,752.98, up 1.4 percent.

The broad-based S&P 500 and tech-rich Nasdaq Composite also advanced 1.4 percent, with the former rising to 2,673.40 and the latter climbing to 7,118.99.

Trade talks resumed with a phone call between Treasury Secretary Steven Mnuchin, US Trade Representative Robert Lighthizer and Chinese Vice Premier Liu He, covering Chinese purchases of US agricultural products, among other items, the Wall Street Journal reported.

US President Donald Trump said on Twitter there would soon be “some important announcements” from the “very productive” talks.

Worries about the months-long US-China trade clash have been among the doubts facing US stocks this fall. Other headwinds have included worries that the Federal Reserve will lift interest rates too quickly and anxiety over political turbulence in the eurozone.

Key gainers early Tuesday included several companies seen as vulnerable to the US-China trade war, including Caterpillar, Deere & Company and General Motors, all of which rose more than two percent.

Copyright AFP (Agence France-Press), 2018

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