US: Stocks gain as new trade talks announced

Wall Street stocks rocketed higher on Thursday following news that the United States and China will resume high-level trade talks in October, raising hopes of possible progress in the trade war.[NEW YORK] Wall Street stocks rocketed higher on Thursday following news that the United States and China will resume high-level trade talks in October, raising hopes of possible progress in the trade war.

Major indices are"hitting their highest levels in more than a month... thanks primarily to the agreement between the US and China regarding another round of trade talks," said a note from Gorilla Trades strategist Ken Berman.The broad-based S&P 500 gained 1.3 per cent to 2,975.97, while the tech-rich Nasdaq Composite Index jumped 1.8 per cent to 8,116.83.

The data comes a day ahead of the government jobs figures, which are expected to show 171,000 jobs added last month. Large banks such as JPMorgan Chase and Citigroup jumped more than two percent as the yield on US Treasury notes increased, boosting hopes for banking profits.

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