China said it had agreed with the United States to remove tariffs in phases, while state-owned Xinhua News Agency said Beijing was also considering removing restrictions on poultry imports.
Business
Standard : US stocks were higher late on Thursday as the
latest signs of progress in US-China
trade relations relieved investors, though indexes pared gains
after another report raised fresh worries about the outlook for a
deal.
China
said it had agreed with the United States to remove tariffs in
phases, while state-owned Xinhua News Agency said Beijing was also
considering removing restrictions on poultry imports.
But
indexes pared gains in afternoon trading after a Reuters report,
citing sources, said that the White House's plan to roll back China
tariffs faces internal opposition and that no final decision has been
made yet.
An
interim US-China trade deal is expected to include a US pledge to
scrap tariffs scheduled for Dec. 15.
"That's
clearly the biggest driver from premarket on," said Oliver
Pursche, chief market strategist of Bruderman Asset Management in New
York. "The devil is in the details, but the fact that both sides
- and particularly China - has said we've come to an agreement - I
think that's what is giving this so much credibility."
The
latest batch of earnings offered some cheer to investors.
The
S&P 500 technology index (SPLRCT) was up 1.1%, with shares of
Qualcomm Inc up 6.4% after it forecast current-quarter profit above
analysts' estimates.
Together
with Qualcomm, other chipmakers, which have a sizeable exposure to
China, also rose, propping the Philadelphia Semiconductor index (SOX)
1.2% higher.
The
trade-sensitive industrials sector (SPLRCI) was up 0.7%.
The
Dow Jones Industrial Average (DJI) rose 200.75 points, or 0.73%, to
27,693.31, the S&P 500 (SPX) gained 10.19 points, or 0.33%, to
3,086.97 and the Nasdaq Composite (IXIC) added 30.79 points, or
0.37%, to 8,441.42.
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