Wall Street opens higher for second straight session

Wall Street opens higher for second straight session

Wall Street opens higher for second straight session

Bloomberg News reported Wednesday, citing sources, that both the USA and China were inching closer to securing an agreement on the amount of tariffs that would be rolled back in a limited trade deal.

"The trade war will be the key driver of sentiment in the immediate few weeks", DBS Group analysts wrote in a report.

But on Wednesday, the market staged a rally, bouncing back.

Benchmark crude oil lost 21 cents to $58.22 per barrel in electronic trading on the New York Mercantile Exchange.

The S&P 500 rose 19.56 points, or 0.6%, to 3,112.76. Despite recovering some losses, the index is still down 0.9% for the week.

The Dow Jones Industrial Average rose 86.27 points, or 0.31%, at the open to 27,736.05. The Nasdaq Composite Index was up by 4.03 points, or 0.05 percent, to 8,570.70. South Korea's Kospi jumped 0.9% to 2,078.77, while the Shanghai Composite index was flat, at 2,899.97.

Treasury yields also recouped some of their sharp drops from earlier in the week.

The yield on the benchmark 10-year Treasury was 1.800%, up from 1.781% Wednesday. It was at 1.83% on Monday.

Stocks are opening slightly higher on Wall Street led by technology companies and banks.

The muted trading came as investors looked ahead to a key government report on jobs and kept an eye on developments in the negotiations to end the trade war between the USA and China.

Beyond China, Trump has been pushing ahead on trade disputes all around the world recently.

US President Donald Trump announced on Monday that he will "restore" tariffs on steel and aluminum imported from Brazil and Argentina, drawing wide concern domestically and overseas. -China trade talks could weigh on risk assets.

Rising bond yields helped steady banks. The lack of fresh trade news may have kept a lid on prices, while strong US economic data may have underpinned the market.

Good things take time: Alia Bhatt on long shooting schedule of 'Brahmastra'
Alia's mentor, Karan Johar, also made sure to extend her support to Shaheen by thanking the launch with her presence. Earlier, it was reported that Ranbir had asked Mahesh Bhatt Alia's hand in the marriage.

Nevertheless, Wednesday's positive aspects have been stored in verify as France and the broader European Union have promised to retaliate towards potential US tariffs on French items.

Private employers added just 67,000 jobs last month, according to payroll processor ADP. That's roughly half of October's hiring pace and weaker than economists expected.

The more comprehensive jobs report from the Labor Department will arrive on Friday, and it will likely have a bigger impact on the market.

A separate report showed that USA services industries grew last month, but not as quickly as economists expected.

"You've had some mixed economic data this week, so the market probably wants to wait and see what we get tomorrow morning", said Willie Delwiche, investment strategist at Baird.

A rebound in the price of crude sent oil-related stocks to the market's biggest gains.

Seven of the 11 primary S&P 500 sectors traded on a downbeat note, with the consumer staples sector losing 0.61 percent, the top laggard. Halliburton rose 4.2%, and Devon Energy added 4.6%. Brent crude, the worldwide standard, rose $2.18, or 3.6%, to $63.

Online craft retailer Etsy dipped 2.7 per cent on the heels of a downgrade to "underweight" by Morgan Stanley. The VanEck Vectors Semiconductor ETF (SMH) climbed 1.5%.

Natural gas fell 4 cents to $2.40 per 1,000 cubic feet.

Gold rose $2.90 to $1,476.90 per ounce, silver rose 14 cents to $16.94 per ounce and copper rose 1 cent to $2.65 per pound. Economists expect the unemployment rate to hold steady at 3.6%.

The dollar fell to 108.74 Japanese yen from 108.93 yen on Wednesday. The euro weakened to $1.1075 from $1.1082.

As broad stock indexes showed muted moves, earnings reports drove swings in individual stocks.

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