Published: Mon, July 09, 2018
Money | By Ralph Mccoy

Markets Right Now: Stocks open higher on Wall Street

Markets Right Now: Stocks open higher on Wall Street

The broad advance in stocks suggests that traders anticipate that the trade spat won't last long enough or escalate badly enough to cause serious damage to either country's economy.

The Dow Jones Industrial Average rose 111.00 points, or 0.46 per cent, at the open to 24,285.82.

A solid pickup in hiring by USA employers last month helped keep investors in a buying mood.

But although the S&P 500 on some days has been hit hard by signs of an escalating trade conflict, the index rose 0.6 percent on Friday after the United States and China enacted their tariffs.

Data also showed solid growth in U.S. services sector activity in June, but companies raised more concerns about trade tariffs that are raising costs and uncertainty in many sectors, according to the Institute for Supply Management.

The Nasdaq Composite Index climbed 91.19 points, or 1.21 per cent, to 7,677.62.

The US announced the 25-per cent additional tariff on $34 billion of imports from China took effect on Friday, Immediately after that, China's retaliatory tariffs of equal scale went into force. Investors are hoping that won't happen.

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Wall Street stocks finished solidly higher on Thursday (Jul 5), with technology shares especially strong as markets looked past trade war worries.

Reflecting expectations that small US companies are less at risk than multinationals from tariffs, the Russell 2000 index has outperformed the S&P 500, Dow and Nasdaq since early March.

The Dow added 185.07 points, or 0.8 percent.

The Nasdaq gained 178.08 points, or 2.4 percent.

Investors were pleased to see that US employers kept up a brisk pace of hiring last month, without having to hike wages that much.

The S&P 500 rose 41.45 points, or 1.5 percent.

The Russell 2000 is up 158.54 points, or 10.3 percent.

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