How major USA stock indexes fared Thursday

  • How major USA stock indexes fared Thursday

How major USA stock indexes fared Thursday

Stocks rose broadly in early trading on Wall Street Thursday, pushing major indexes toward another set of records, after China said it agreed with the US on a gradual pullback on tariffs if talks progress.

The benchmark S&P 500 index is eyeing its fifth straight week of gains, while the tech-heavy Nasdaq is on track to rise for a sixth week in a row.

NASDAQ index +23.88 points or 0.28% at 8434.51. The 10-Year Treasury yield reached as high as 1.95%, its highest level since the end of July, before falling back to 1.919% toward the end of the day. "But with promising signs of progress on the trade front, a shift in global central banks to easing (including three consecutive rate cuts by the Fed this year), and mostly better-than-expected corporate profits, USA stocks were pushed to all-time highs", wrote Priscilla Thiagamoorthy, economic analyst at BMO.

Banks also rose after bond yields made a big jump.

Also on Thursday, Ralph Lauren Corp surged 14.7% after it topped second-quarter profit expectations, helped by a tighter control on expenses and strong demand for its Polo shirts and tweed jackets in China and Europe.

Technology stocks and banks led the way higher in midday trading Thursday.

Of the 430 companies in the S&P 500 that have reported earnings through Thursday, almost three-quarters have beaten analyst expectations, according to Refinitiv. Citigroup rose 1.7% and JPMorgan Chase rose 1.3%.

The gains came after China said it had agreed with the U.S.to gradually ease tariffs on each other's exports as long as talks continue to make progress.

The S&P 500 posted 54 new 52-week highs and five new lows; the Nasdaq Composite recorded 118 new highs and 85 new lows.

The majority of the 30 blue-chip stocks in the Dow traded higher around market close, with shares of trade bellwethers Boeing and Caterpillar climbing 1.47 percent and 1.04 percent, among the best performers. The Nasdaq added 0.28%, with the Nasdaq 100 up 0.29%. The sector is prone to swings in trade relations as many of those companies rely on China for sales and supply chains.

The S&P 500 index rose 13 points, or 0.4%, to 3,090.

The Dow Jones Industrial Average climbed 152 points, or 0.6%, to 27,646. The yield on the 10-year Treasury rose to 1.89%.