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Overnight Markets: US stocks rise on planned US-China trade talks

Overnight Markets: US stocks rise on planned US-China trade talks

US stocks rallied to close higher on Thursday lifted by strong corporate earnings and after China said it will hold trade talks with the US this month.

The Dow Jones Industrial Average added 396 points, or 1.58%, to 25,559, the S&P 500 gained 22 points, or 0.79%, to 2,841 and the Nasdaq Composite added 32 points, or 0.42%, to 7,807.

In a potentially positive development, China said that a delegation led by its vice-commerce minister would travel to the US for talks on 21 and 22 August, raising hopes that Beijing and Washington may resolve the escalating tariff war.

The Turkish lira built upon Wednesday’s gains, when Qatar pledged to invest $15 billion in Turkey. Other emerging market currencies, such as Brazil’s real and Mexico’s peso, also rose.

In company news, Walmart surged 9.3% after it reported adjusted second-quarter earnings that topped expectations, along with revenue that was above consensus expectations.

Cisco shares rallied 3% after the network equipment giant reported earnings that topped expectations and gave an outlook that was above analyst forecasts.

Amazon.com gained 0.2% on a report that it was competing against other suitors to buy out Landmark Theatres.

US-listed shares of Teva Pharmaceutical Industries Ltd. surged 7.3% after its generic EpiPen was approved for the US market by the Food and Drug Administration.

On the downside, J.C. Penney Co. plummeted 27% after it reported an adjusted second-quarter loss that was much wider than expected.

In commodities news, metals prices climbed, with copper rising 1.54% to $5,890.50 a tonne, after having confirmed a bear market on Wednesday.

In Asia, share markets traded in positive territory on Friday in morning session following a strong lead in from Wall Street.

Japan’s Nikkei 225 rose 0.37%, while South Korea’s Kospi added by 0.29%. Down Under, the ASX 200 remained largely flat to edge around 0.08% higher.

In China, the Shanghai Composite Index gained 0.28%, while Hong Kong’s Hang Seng Index climbed 0.87%.

 

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