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Stocks – China Euphoria Helps S&P to Highest Level in a Month

Investing.com - Stocks surged to their highest levels since the end of July Thursday as investors cheered news that the United States and China planned to hold trade negotiations some time in October.

The news, which emerged Wednesday evening, represented the first thaw in relations between the countries in two months. In between, there have been multiple tariff increases imposed by both countries and angry rhetoric.

The S&P 500 finished up 1.3%. The Dow Industrials rose 1.41% and the Nasdaq Composite was up 1.75%.

The market was driven by gains in semiconductor stocks, big-tech stocks and bank stocks.

The weakest were consumer staple, pharmaceutical, utility and real estate stocks. IBM (NYSE:IBM), Goldman Sachs (NYSE:GS) and Caterpillar (NYSE:CAT) were among the market leaders. Coca-Cola (NYSE:KO) and Walmart (NYSE:WMT) were among the weakest Dow stocks.

Interest rates also moved higher as bond investors moved to stocks. The 10-Year Treasury yield jumped to 1.564% from Wednesday's 1.459%.

Gold futures fell more than 2% and oil futures gave up most of their early gains, but finished slightly higher.

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