Stocks Climb on Trade Optimism

Daniel Fowler
October 10, 2019

The Dow gained 181 points.

Both sides had held off from further escalating the conflict up until this week, when the USA blacklisted a group of Chinese technology companies over alleged human rights violations.

Apple contributed to the gains, rising 1.3% after an analyst at Canaccord Genuity hiked his price target on the iPhone maker to $260 per share from $240. The Shanghai Composite rose 0.2% to 2,930.35.

-China trade talks came less than a couple of hours after U.S. President Donald Trump told reporters he thinks China wants to make a trade deal more than he does. The report added that Beijing would offer non-core concessions like purchases of agricultural products in return, but not budge on major sticking points between the two nations.

Liu is still set to leave on Friday evening, CNBC said, citing a US official.

A day after escalating trade tensions led to a sharp sell-off, investors drew encouragement from reports that Beijing signaled it is open to a partial deal. "However, it is worth remembering that other markets do not agree with these bearish fears".

President Trump said China has lost millions of jobs while the United States takes in billions of dollars in tariffs.

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"The rising nationalism sentiment at home is creating hurdles for President Xi to make concessions in the upcoming trade talks with the US in light of the National Basketball Association firestorm and Xinjiang sanctions", said Suisheng Zhao, executive director of the Center for China-US Cooperation at the University of Denver's Graduate School of International Studies.

China's economy would be slowing with or without the trade war. The Nasdaq added 79 points, or 1%, to 7,903.

Asked if a breakthrough can be expected in this week's talks, an official told CNBC that Trump had not yet made up his mind.

This week, a tweet supporting protestors in Hong Kong from the general manager of the Houston Rockets reminded the National Basketball Association and the rest of the world that there are complications about doing business in China that go way beyond intellectual property and state-owned enterprises. "The way stocks finished yesterday, they got a little overextended to the downside".

He said the value of the USA, since he was elected, has increased by trillions of dollars.

Minutes from the U.S. Federal Reserve's most recent meeting showed most policymakers supported the need for an interest rate cut last month, and while all were generally more concerned with risks associated with the U.S.

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