Wall Street starts slightly higher on fresh trade hopes

Monday, 21. October 2019 15:31

Equities in the United States kicked the week off by rising modestly as the US and China seemed to get closer to signing the phase-one deal, struck nearly two weeks ago.

Rekindling hopes of a permanent trade truce, Director of the US National Economic Council Larry Kudlow hinted on Monday that Washington would be willing to scrap the planned tariffs on Chinese-imported goods scheduled for December if the phase-one talks go well.

However, the World Trade Organization announced earlier that Beijing is seeking $2.4 billion in retaliatory sanctions against Washington due to the latter’s non-compliance with a 2012 ruling which required the world's largest economy to cancel tariffs on a number of Chinese products.

The Dow Jones Industrial Average jumped 0.11% at the start of the session with 3M bouncing 1.39%. The banking sector also recorded solid gains with JPMorgan Chase and Goldman Sachs among the top ten performers. The Nasdaq 100 rose 0.53% at the same time as semiconductors rallied. Nvidia, Advanced Micro Devices and Lam Research led the gains rising 2.45%, 2.19% and 2.11%, respectively. Meanwhile, the S&P 500 gained 0.44% at the open with Coty Inc. soaring 8.70%.

The euro declined 0.11% against the US dollar, going for 1,11592 at 9:30 am ET.

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