Wall Street edges up on trade optimism
NEW YORK - U.S. stocks climbed on Thursday as Treasury yields rose off 15-month lows, with investors optimistic about the latest round of U.S.-China trade talks.
While investors cheered the Fed’s move, they are more worried now about a weakening earnings and economic outlook, said Hugh Johnson, chief investment officer of Hugh Johnson Advisors LLC in Albany, New York. Senior U.S. officials arrived in Beijing on Thursday for a fresh round of trade talks, which will be followed by a round in Washington next week. Trade-sensitive industrial stocks rose 0.8 percent and were among the day’s top-performing sectors.
Consumer discretionary stocks rose 0.6 percent, helped by gains in shares of clothing firm PVH Corp. Calvin Klein’s owner forecast full-year adjusted profit and sales above Wall Street’s expectations. The S&P 500 posted 27 new 52-week highs and 2 new lows; the Nasdaq Composite recorded 41 new highs and 44 new lows.
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