US stocks close higher on eased trade concerns

New York: US stocks ended higher as signs showed that the US has opened doors for trade talks with China.

The Dow Jones Industrial Average on Thursday added 240.92 points, or 0.99 per cent, to 24,505.22, Xinhua news agency reported.

The S&P 500 increased 18.15 points, or 0.69 per cent, to 2,662.84. The Nasdaq Composite Index was up 34.44 points, or 0.49 per cent, to 7,076.55.

White House economic adviser Larry Kudlow said on Thursday he expected the US and China would work out their trade differences over time and that trade barriers likely “will come down on both sides,” according to CNBC.

US equities had a wide trading session on Wednesday, with the Dow surged 750 points after plunging over 500 points, as trade conflicts between the two economies weighed on the market sentiment.

China on Wednesday unveiled a list of products worth $50 billion imported from the US that will be subject to higher tariffs, including soy bean, automobiles and chemical products.

The move was taken after the US administration announced a proposed list of products subject to additional tariffs, which covers Chinese exports worth $50 billion with a suggested tariff rate of 25 per cent.

The date of implementation will depend on when the US government imposes the tariffs on Chinese products, China’s Ministry of Finance said.

On the economic front, US Labor Department said on Thursday that the advance figure for seasonally adjusted initial jobless claims last week was 242,000, an increase of 24,000 from the previous week’s revised level, higher than market expectations.