Wall Street starts higher, Dow up 200 pts

Thursday, 29. August 2019 15:30

Stock markets in the United States traded sharply higher immediately after the opening bell as investor concerns were soothed by China’s Ministry of Commerce urging Washington to give the announced tariff hike another thought before it kicks in on Sunday night. The spokesperson for the Ministry stated that even though Beijing has "ample means for retaliation," it would rather have new tariffs removed to avoid the escalation of the trade dispute.

On the data front, market participants focused their attention on the latest GDP figures and a slowdown in US economy, as well as a rise in the number of initial jobless claims.

The Dow Jones started the session jumping 211 points or 0.84% propped up by Cisco's shares advancing 1.85%. The Nasdaq 100 rose 1.20% shortly after the opening bell as Ulta Beauty led the gains soaring 2.91%. Meanwhile, the S&P 500 advanced 0.92% as PVH's stock surged 10.33%.

The euro lost 0.12% against the US dollar, to go for 1.10631 at 9:30 am ET.

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Breaking the News / GG