Headline risk worked in favor of the markets today as investors cast off safety in bonds to pile on risk in equities following reports that the US and China have agreed to gradually roll back some of the existing tariff load.
China’s Commerce Ministry spokesperson also said that both sides are getting closer to a phase one trade agreement.
The Dow had a dramatic 150-point surge while the yield on the 10-year saw its largest move up since November 2015.
Jobless claims in the week ending November 2 declined by 8,000 to a lower-than-anticipated 211,000. Economists had expected 215,000, a figure closer to its 4-week moving average.
The consumer credit numbers for September came in at $9.5 billion, far below the anticipated increase of $15 billion.
The Dow closed at 27,674.80, having climbed 182.24 points or 0.7%. The S&P 500 moved up 0.3% to close higher at 3,085.18. The Nasdaq closed higher at 8,434.52, or 0.3% pulling back from its intraday record high of 8,483.15.
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