Trade hopes push United States stock indexes toward more record highs

Trade hopes push United States stock indexes toward more record highs

The Dow Jones industrials and the S&P 500 ended at record highs again Thursday, but they would have been even higher if not for a late-afternoon report saying a proposed rollback of tariffs was facing stiff opposition in the White House.

The Dow Jones Industrial Average climbed 182 points, or 0.7%, to 27,674.

The benchmark S&P 500 index is eyeing its fifth straight week of gains, while the tech-heavy Nasdaq is on track to rise for a sixth week in a row. The Nasdaq Composite gained 44.48 points, or 0.53%, to 8,455.11 at the opening bell.

Two stocks that didn't join the party were video streaming company Roku (NASDAQ:ROKU) and online travel company Expedia (NASDAQ:EXPE), which both reported disappointing quarterly results.

Bond prices fell sharply.

The yield on 10-year Treasurys rose to 1.95% from 1.814% Wednesday as investors sold US government debt, seen as a haven asset. "But with promising signs of progress on the trade front, a shift in global central banks to easing (including three consecutive rate cuts by the Fed this year), and mostly better-than-expected corporate profits, United States stocks were pushed to all-time highs", wrote Priscilla Thiagamoorthy, economic analyst at BMO.

Technology stocks and banks led the way higher in midday trading Thursday. JPMorgan Chase climbed 1.2%. -China trade war had agreed to roll back tariffs on each other's goods if talks continue to progress.

Bank stocks, which have surged almost 6% over the past week, extended recent gains as U.S. Treasury prices continued to retreat, lifting the 10-year yield to its highest level in more than three months; the two-year yield climbed 7 bps to 1.67% and the 10-year yield climbed 11 bps to 1.93%. The Nasdaq added 0.28%, with the Nasdaq 100 up 0.29%. The yield on the 10-year Treasury rose to 1.93%.

The big demand for stocks, especially early in the day, sent interest rates higher.

Chipmaker Qualcomm soared 7% after reporting earnings that easily beat analysts' forecasts. -China trade relations relieved investors, but a report raising fresh worries about the outlook for a deal limited the day's gains.

The Dow is up 4,347.34 points, or 18.6%. The yield on the 10-year Treasury rose to 1.89%.



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