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Stocks - Wall Street Jumps as U.S.-China Agree to Trade Talks

September 05, 2019 / Investing.Com

Wall Street rose in early trading on Thursday, boosted by news that the U.S. and China have agreed to hold high-level trade talks next month, a development that raised hopes of a de-escalation of the trade war. The talks were agreed to over the phone, the Chinese Commerce Ministry said, which was confirmed by a spokesman for the U.S. Trade Representative's office. No terms of the talks were given. U.S. tariffs on over $100 billion worth of Chinese goods went into effect on Sept. 1 and plans to increase rates to 30% from 25% on another $250 billion worth of Chinese imports are set for Oct 1. The Dow jumped 397 points or 1.5% by 9:49 AM ET (13:49 GMT), while the S&P 500 gained 33 points or 1.2% and the Nasdaq composite was up 103 points or 1.3%. Industrial bellwether Boeing (NYSE:BA) rose 1.8% while Caterpillar (NYSE:CAT) gained 3.1%. Chipmakers, which are sensitive to tariffs, surged higher after the open, with Intel (NASDAQ:INTC) and Nvidia up over 4%. The sector had received a...