Stocks Climb on US-China Trade Hopes

Dow ends day up 326
By Newser Editors and Wire Services
Posted Aug 29, 2019 3:13 PM CDT
Stocks Climb on US-China Trade Hopes
In this Aug. 21, 2019, file photo trader Jeffrey Vazquez works on the floor of the New York Stock Exchange.   (AP Photo/Richard Drew, File)

Stocks are closing broadly higher on Wall Street as investors hope that new talks set for September can result in progress in resolving the US-China trade dispute, the AP reports. Technology companies and banks were the biggest winners Thursday. Microsoft rose 1.9% and Wells Fargo added 1.6%. Retailers also did well. Discount store chain Dollar General soared 10.7% after reporting results that were better than analysts were expecting. Best Buy slumped 8% after the consumer electronics chain lowered its revenue outlook, citing the impact of US tariffs on Chinese imports. The S&P 500 rose 36 points, or 1.3%, to 2,924. The Dow Jones Industrial Average added 326, or 1.3%, to 26,362. The Nasdaq climbed 116, or 1.5%, to 7,973. Bond prices fell. The yield on the 10-year Treasury rose to 1.50%. (Read more stock market stories.)

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