Stocks close higher for second session as U.S.-China trade talks resume
U.S. stocks on Monday closed higher, building on Friday’s powerful rally, as investors watched for further signs of a thaw in the protracted trade dispute between the U.S. and China — a tit-for-tat clash that has weighed on investor sentiment.
How did the major indexes fare?
The Dow Jones Industrial Average rose 98.19 points, or 0.4%, to finish at 23,531.35, while the S&P 500 index advanced 17.75 points, or 0.7%, to 2,549.69. The Nasdaq Composite Index jumped 84.61 points, or 1.3%, to 6,823.47.
On Friday, stocks rallied, with the Dow jumping 3.3%, the S&P 500 index up 3.4% and the Nasdaq soaring 4.3%.
What drove the market?
Senior officials from China unexpectedly showed up for negotiations between Beijing and their counterparts in Washington in an effort to resolve longstanding trade disagreements that have triggered uncertainty in global markets.
Chinese Vice Premier Liu He, a top economic adviser to Chinese President Xi Jinping, was among attendees, sparking some optimism given the symbolism of a top-level bureaucrat attending the talks, according to Bloomberg.
Trade officials from both countries are looking to hammer out an agreement over the next 48 hours, but there are doubts over how to best ensure that both countries follow through on promises made during talks with Trump administration worried about enforcement.
