Stocks opened higher on Tuesday after report said the U. S. and China are seeking talks to defuse an escalating trade conflict between the two countries.
Stocks opened higher on Tuesday after report said the U. S. and China are seeking talks to defuse an escalating trade conflict between the two countries.
The Dow Jones Industrial Average rose 100 points, with 3M and Boeing as the best-performing stocks in the index. The S&P 500 gained 0.4 percent as industrials rose 1 percent. The Nasdaq Composite advanced 0.7 percent.
Bloomberg News reported that the world’s largest economies are trying to restart talks in order to avoid a full -blown trade war. The report, which cites two people familiar with the situation, said Treasury Secretary Steven Mnuchin and Chinese Vice Premier Liu He are talking privately about the matter. Mnuchin told CNBC last week » there continue to be some quiet conversations » regarding China.
«It’s just an agreement to have talks. We don ‘t know where the talks go or whether they will be fruitful fruitful. They seem to be resuming high level talks. We’ll have to see what comes of it,» said Peter Boockvar, chief investment officer at Bleakley Advisory Group.
The report came a few minutes before the U. S. market open at 9:30 a.m. ET and it sent stock futures higher. Shares of big exporters Boeing and Caterpillar jumped more than 1 percent on the report. Deere’s stock also gained nearly 2 percent.
Equities also got a boost from tech shares. The sector rose 0.8 percent as it tried to rebound from a three-day rout.
