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Wall Street gains on upbeat data, firming yuan

August 08, 2019 / Investing.Com

Wall Street's main indexes were sharply higher on Thursday as better-than-expected domestic and Chinese data as well as a firming yuan offered some relief to investors alarmed by a week of blow and counterblow between Beijing and Washington over trade. In corporate news, Kraft Heinz (NASDAQ:KHC) sank as much as 15.6% after it pulled its full-year forecast and wrote down the value of several business units by over $1 billion, capping a rough few months for the company and making it the S&P 500's biggest decliner. U.S. data pointed to a robust labor market as the number of Americans filing applications for unemployment benefits unexpectedly fell last week, allaying some worries about a recession and helping U.S. Treasury yields rise. That followed better-than-expected export numbers out of China and some improvement for the country's yuan currency, whose slide over the weekend spurred Wall Street's worst day so far this year on Monday.