Wall Street rallies more than 1%, buoyed by gains in the trade-sensitive tech and industrial sectors
NEW YORK - U.S. stocks rallied more than 1% on Thursday, buoyed by gains in the trade-sensitive technology and industrial sectors as China expressed hope on trade negotiations with the United States, easing concerns that rising tensions could stoke a recession.
China’s commerce ministry said both sides are discussing the next round of talks scheduled for September, but progress would be determined by whether Washington could create favorable conditions. U.S. President Donald Trump said in a Fox News radio interview that trade talks were scheduled for Thursday “at a different level,” but did not provide details.
Some analysts cautioned that the comments from China were light on substance, and pointed to month-end rebalancing on Friday as supportive of stock gains. “It sounds to me like more of a continued slow-walking,” said Thomas Martin, senior portfolio manager at Globalt Investments in Atlanta. “But clearly it is time to not ratchet things up further.”
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