Wall Street leaps after China's comments on Investing.com

Investing.com – Wall Street opened higher on Thursday after China's comments eased tensions related to the trade war, while revised data for the second quarter economy showed that domestic consumption continued to grow strongly.

Chinese authorities confirmed Thursday their collaboration with the United States to schedule talks in September. Chinese Ministry spokesman Gao Feng said discussions should focus on preventing escalation and resolving business problems. The comments reassured participants that there would be no escalation of the conflict but they did nothing to prevent the latest of a series of US tariffs on Chinese products coming into force on weekend.

The jumper gained 281 points or 1.1% at 9:51 am (13:51 GMT), while the S & P 500 gained 33 points or 1.2% and the increase of 118 points or 1.5%.

Walt Disney (NYSE 🙂 rose 1% after a UBS survey revealed that 43% of households intended to subscribe to the company's Disney + streaming service, which is well above 20% to 30%. % provided by Disney. To guess? jumped 21.7% after its quarterly profit exceeded expectations due to higher sales and better expense management, while Apple (NASDAQ 🙂 grew 1.5% and Facebook (NASDAQ 🙂 2.1%.

Somewhere else, Best buy (NYSE 🙂 fell 9% after lowering its guidance for the rest of the year, due to the impact of rising tariffs on Chinese imports. Abercrombie & Fitch (NYSE 🙂 fell 11.6% after comparable store sales growth was halted and the company warned that planned rate increases would affect profit margins for the rest of the year. # 39; exercise.

The higher-than-expected Dollar General and Dollar Tree earnings also contributed to stronger impressions of the strength of consumption, as evidenced by 4.7% growth in real consumer spending in the revised GDP data released in the second quarter.

However, Gregory Daco, an Oxford Economics analyst, warned that the strength of domestic consumption "would not have to last."

"Investments in business, commerce and stocks are increasing," said Daco via Twitter.

The higher-than-expected earnings of Dollar General (NYSE 🙂 and Dollar Tree (NASDAQ 🙂 also boosted impressions on the strength of consumption, which is also reflected in the 4.7% growth in spending. consumption data in the revised GDP data for the second quarter. published earlier.

However, Gregory Daco, an Oxford Economics analyst, warned that the strength of domestic consumption "would not have to last."

"Investments in business, commerce and stocks are increasing," said Daco via Twitter.

In commodities, rose 1% to 56.34 dollars a barrel. The, which measures the greenback versus a basket of six major currencies, rose 0.2% to 98.322 and remained steady at $ 1,548.75 troy ounce.