The U.S. stock market closed higher, the U.S. -China trade prospects improved, and the end of the day converged, but could maintain half of the gains.
The S&P 500 index rose 0.5% to 2651.07. The Dow Jones Industrial Average rose 157.03 points, or 0.6%, to 24527.27. The Nasdaq Composite Index rose 0.9% to 7098.312. The Russell 2000 index rose 1.1% to 1455.323.
More than half of the gains were wiped out by the S& P 500 index’s afternoon retreat, with investors selling at high prices for four consecutive days, in sharp contrast to their buying at low prices in previous months. However, compared with almost all the gains in the previous two trading days, today’s performance is not satisfactory.
Michael Antonelli, managing director of Robert W. Baird & Co., said the stock market was still in a correction and all the gains raised doubts.
U.S. stocks rose sharply in early trading as there were signs that trade tensions between China and the United States were expected to ease. Huawei Chief Financial Officer was released on bail in Canada. And trump said he would consider interfering with the HUAWEI case if he helped to reach a trade agreement between China and the United States.
In addition, people familiar with the situation said that China was considering some of the goals of “Made in China 2025” after the move. It is also reported that China has begun to purchase large quantities of American soybeans.
Stocks that had been susceptible to the U.S. -China trade war rose by 1.5% for Boeing, 1.7% for Caterpillar and 0.8% for Dill.
Technology stocks also held steady, with Alphabet up 1.1%, Amazon. com up 1.2% and Netflix up 3.6%.
Tencent Music rose 7.7% in its first day of trading in the U.S., raising $1.1 billion in its first public offering the day before.