Investors went shopping for stocks Thursday, spurred by hopes for at least a partial trade deal between the United States and China as high-level talks got underway. A rally by Apple also lifted the markets. The three indexes gained about 6-tenths percent.
Spartan Capital Securities chief market economist, Peter Cardillo expects what he calls a “cosmetic” deal:
SOUNDBITE: SPARTAN CAPITAL SECURITIES CHIEF MARKET ECONOMIST, PETER CARDILLO (ENGLISH) SAYING:
“It could be maybe a currency deal, and it could also mean leaving the tariffs that are supposed to be imposed on the 15th off the table. So that would be a breakthrough. And I think the market would react positively too that.”
Fueling that optimism: President Donald Trump tweeted he would meet China’s vice premier Friday for further trade talks.
Apple shares rose after Longbow Research upgraded them to “buy” from “neutral,” citing higher sales for the iPhone 11. Cowen and Co says that higher demand will benefit suppliers Skyworks Solutions and Qorvo, lifting their shares.
Bed Bath and Beyond’s stock soared. The beleaguered home furnishing retailer tapped Target’s chief merchandising officer as its new CEO.