S&P Hikes for 3rd Straight Day
The S&P 500 was little changed Thursday as traders continued to look for signs of progress on the global trade front.
The Dow Jones Industrials gained 195.59 points to 39,802.16, despite a 6% drop in IBM shares.
The S&P index climbed 62.25 points, or 1.2%, to 5,438.48
The NASDAQ Composite climbed 275.86 points, or 1.7%, to 16,983.91
China said overnight that there were no trade talks taking place with the U.S., with Ministry of Commerce spokesperson He Yadong adding that “all sayings” regarding progress on bilateral talks should be dismissed. He also called for the cancelation of “unilateral” tariffs.
Those remarks came after President Donald Trump said he is willing to take a less confrontational approach toward trade talks with Beijing.
Further, Treasury Secretary Scott Bessent said Wednesday that the U.S. has the “opportunity for a big deal” on trade. Chinese imports are subject to a U.S. tariff of 145%.
Prices for the 10-year Treasury gained ground Thursday, lowering yields to 4.32% from Wednesday’s 4.38%. Treasury prices and yields in opposite directions.
Oil prices inched higher 27 cents to $62.54 U.S. a barrel.
Prices for gold jumped $27.00 to $3,321.10 U.S.
