NEW YORK: Wall Street stocks rose early Thursday, joining global markets in rallying on increased optimism the United States and China will hash out differences and avoid a trade war.
Worries about escalating trade tensions slammed US stocks early Wednesday, but investors were reassured later in the day by comments from officials in Washington that downplayed the tensions. Major US indices finished more than one percent higher.
About 15 minutes into Thursday’s trading, the Dow Jones Industrial Average stood at 24,426.81, up 0.7 percent.
The broad-based S&P 500 rose 0.4 percent to 2,656.03, while the tech-rich Nasdaq Composite Index advanced 0.6 percent to 7,084.75.
The gains came as data showed the US trade deficit widened in February for the sixth straight month, hitting a fresh nine-year record.
Facebook rose 2.9 percent as investors greeted reassurances from chief executive Mark Zuckerberg that the social network’s business remains solid despite a user data scandal.
Facebook also said Wednesday the personal data of up to 87 million users had been improperly shared with British political consultancy Cambridge Analytica, much higher than the 50 million originally reported.
Other tech stocks also rose Wednesday, with Amazon, Expedia and Netflix all gaining more than one percent.
Source: Brecorder
