Dow jumps nearly 200 points as hope returns for U.S.-China trade pact
U.S. stocks rose Wednesday morning as investors took cheer from a report that Beijing and Washington are still working toward a phase one trade deal, offsetting fears of a delay sparked a day earlier by President Donald Trump’s remarks.
What’s driving the market? U.S. stock index benchmarks recovered some of the week’s lost ground after Bloomberg News, citing sources familiar, reported that despite signs of fresh tensions, Beijing and Washington were making progress toward a phase one trade deal. The comments also helped to provide a lift to European equities also.
A reading on the service sector of the U.S. economy was mixed: the Institute for Supply Management’s non-manufacturing index was at 53.9, lower than in October, but new orders were at 57.1, up from 55.6 and signalling stronger demand ahead. A similar survey from IHS Markit for the service sector showed an improvement in November though with its index rising to 51.6 in November from 50.6 in October.
G-111 Apparel Group Ltd. GIII, -10.96% shares fell in premarket hours after the owner of fashion brands like Calvin Klein missed sales expectations and lowered its guidance. The company said tariffs were biting into its business. Shares were flat at the open.
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