US Stocks Rally Ahead of China Trade Talks; Walmart Surges - NBC10 Boston
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US Stocks Rally Ahead of China Trade Talks; Walmart Surges

China will send a trade envoy to Washington in late August in a new attempt to end the trade dispute between the world's two largest economies

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    NEWSLETTERS

    US Stocks Rally Ahead of China Trade Talks; Walmart Surges
    AP Photo/Richard Drew, File
    This Aug. 14, 2018, file photo shows trader Gregory Rowe working on the floor of the New York Stock Exchange.

    Stocks are surging on Wall Street Thursday as China and the U.S. prepare to hold their first trade discussions in months, a potential sign of progress toward ending the trade war between them. Walmart is climbing after the retailer said its sales climbed in second quarter. Metals prices rose sharply, a day after a big drop, and the price of crude oil moved higher.

    KEEPING SCORE
    The S&P 500 index climbed 26 points, or 1 percent, to 2,845 as of 2:15 p.m. Eastern time. The Dow Jones Industrial Average jumped 425 points, or 1.7 percent, to 25,587 as Walmart and Boeing made big gains. The Nasdaq composite rose 52 points, or 0.7 percent, to 7,826.

    The Russell 2000 index of smaller-company stocks added 14 points, or 0.9 percent to 1,685.

    It's the latest wild swing for stocks. The S&P 500 is on track for its biggest gain since June 1 just a day after its biggest loss in six weeks.

    Death Toll, Damages Climb From Typhoon Hagibis

    [NATL] Death Toll, Damages Climb From Typhoon Hagibis

    The death toll from Typhoon Hagibis climbed to 53 on Tuesday, days after it tore through Japan and left hundreds of thousands of homes wrecked, flooded or out of power. Hagibis caused more than 200 rivers to overflow when it hit the island nation on Saturday.

    (Published Tuesday, Oct. 15, 2019)

    Stocks slumped Friday and Monday as investors worried about Turkey's currency crisis, then rebounded Tuesday only to fall again Wednesday on rising concerns about China's economic growth.

    TRADE HOPES
    China will send a trade envoy to Washington in late August in a new attempt to end the trade dispute between the world's two largest economies. The countries are in conflict over technology policy and China's trade surplus with the U.S.

    The two sides haven't held talks since early June. After those talks, both countries put taxes on $34 billion in each other's imports. Those taxes are set to rise next week, and both countries have threatened even larger increases.

    WOW FOR WALMART
    Walmart posted some of its strongest sales growth in a decade and its online revenue grew 40 percent, a faster pace than it reported in the first quarter. The stock jumped 9.5 percent to $98.78, which wiped out its losses from earlier this year.

    Other retailers and consumer goods companies also edged higher. Target added 1.5 percent to $81.90 and Procter & Gamble rose 1.7 percent to $83.70. Amazon climbed 0.6 percent to $1,894.18 and McDonald's climbed 1.2 percent to $161.76.

    SOFTWARE SURGE
    Symantec jumped 6.3 percent to $19.71 after the activist investment firm Starboard Value disclosed a 5.8 percent stake in the company and said it plans to nominate five directors for spots on Symantec's board of directors.

    Quadruple Murder Suspect Brings Body to Police Station

    [NATL] Quadruple Murder Suspect Brings Body to Police Station

    A Roseville, California, man is in custody after he turned himself in to police in connection to a quadruple homicide.  The body of one of his victims was in the car he drove to the police station in Mount Shasta, more than 200 miles away from the original Roseville crime scene.

    (Published Tuesday, Oct. 15, 2019)

    Symantec said it has been talking to Starboard for the past several weeks and is evaluating the candidates it nominated.

    DEPARTMENT STORES DUMPED
    J.C. Penney tumbled 24.7 percent to $1.82 after it took a bigger loss than analysts expected and reported weaker sales. The chain also cut its forecasts for the year again. Dillard's dropped 13.4 percent to $71.83 after its report.

    Department stores have made big gains this year, but they dropped Wednesday after Macy's said its sales growth slowed during the second quarter.

    Macy's inched up 1.1 percent to $35.52 after a 16 percent plunge the day before. Nordstrom and Kohl's also managed small gains.

    FEELING QUEASY
    Chipotle lost 4.4 percent to $502.93 after Ohio heath officials said tests tied to one store came back positive for an illness that occurs when food is left at unsafe temperatures.

    The company closed a store in Powell, Ohio in July for cleaning after it learned about the reported illnesses. Chipotle says it will retrain all restaurant employees on food safety procedures.

    Taco Bell Recalls 2.3 Million Pounds of Ground Beef

    [NATL] Taco Bell Recalls 2.3 Million Pounds of Ground Beef

    Taco Bell has voluntarily recalled 2.3 million pounds of seasoned ground beef that originated at Kenosha Beef International in Columbus, Ohio, because of possible contamination with metal shavings. The USDA says there have been no confirmed reports of any adverse reaction.

    (Published Tuesday, Oct. 15, 2019)

    COMMODITIES
    Oil prices were steady after a sharp drop a day earlier. U.S. crude inched up 0.7 percent to settle at $65.46 a barrel in New York. Brent crude, the standard for international oil prices, picked up 0.7 percent to $71.22 per barrel.

    Metals prices also turned higher. Gold dipped 0.1 percent to $1,184 an ounce. Silver rose 1.8 percent to $14.71 an ounce. Copper added 2.2 percent to $2.62 a pound. That made up for much of Wednesday's loss, but copper prices are still down 20 percent since early June.

    BONDS
    Bond prices turned lower again. The yield on the 10-year Treasury note rose to 2.87 percent from 2.85 percent. That helped send bank stocks higher. JPMorgan Chase rose 1.2 percent to $115.04 and Bank of America added 1.3 percent to $30.76.

    CURRENCIES
    The dollar rose to 110.88 yen from 110.57 yen. The euro rose to $1.1360 from $1.1346.

    OVERSEAS
    Germany's DAX added 0.6 percent and in France the CAC 40 rose 0.8 percent. Britain's FTSE 100 rallied 0.8 percent.

    Japan's Nikkei 225 index fell 0.1 percent and the Hang Seng in Hong Kong lost 0.8 percent. South Korea's Kospi reopened from a holiday and tumbled 0.8 percent.

    Police Officer Charged with Murder for Fort Worth Shooting

    [NATL] Police Officer Charged with Murder for Fort Worth Shooting

    Former Fort Worth police officer Aaron Dean was booked for the murder of 28-year-old Atatiana Jefferson after shooting her early Saturday morning while performing a wellness check.

    (Published Monday, Oct. 14, 2019)