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Wall Street gains in choppy session

Video Credit: Reuters Studio - Duration: 01:29s - Published < > Embed
Wall Street gains in choppy session

Wall Street gains in choppy session

U.S. stocks rose on Thursday after a news report that further U.S. tariffs on Chinese imports would be paused spurred optimism that the two countries could resolve their trade dispute.

Fred Katayama reports.

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Wall Street gains in choppy session

The Dow bounced back from a nearly 300-point deficit on Thursday to end sharply higher, ending its four-day losing streak.

The S&P 500 and Nasdaq gained more than 1 percent.

Sparking the rally: a report that further U.S. tariffs on Chinese imports would be paused.

But a spokesperson for the U.S. Trade Representative denied the report.

Benchmark Investments managing partner, Kevin Kelly.

SOUNDBITE: BENCHMARK INVESTMENTS MANAGING PARTNER, KEVIN KELLY (ENGLISH) SAYING: "I actually do think we've bottomed.

One of the reasons why is we've seen the strong GDP numbers.

We've seen actually retail sales do well especially when they came out today, lending credence to what we've seen from some of the strongest retailers.

We've also seen strong job numbers.

As I talk, the leading economic indicators have done exceptionally well." Mixed earnings from retailers.

Walmart raised its annual earnings forecast, signaling a strong holiday season.

Echoing that positive mood: the Commerce Department reported U.S. retail sales rebounded sharply in October.

But Walmart shares fell.

J.C.

Penney predicted its comparable sales will fall this year.

But its stock rose after CEO Jill Soltau indicated her plan to turn a profit.

Cisco Systems shares rose.

Demand for its routers and switches drove the network gear maker's revenue sharply higher, beating estimates.

Facebook shares dropped.

Several big hedge funds dissolved their stakes in the social media company.

European markets mostly fell as British Prime Minister Theresa May's government plunged into a fresh crisis over Brexit.



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