US stocks gain on reports of trade deal progress

About 15 minutes into trading, the Dow Jones Industrial Average had gained 0.4 per cent— Reuters pic
About 15 minutes into trading, the Dow Jones Industrial Average had gained 0.4 per cent— Reuters pic

NEW YORK, March 4 — stocks rose early today on reports the US and are close to a major trade agreement that would roll back some of the tariffs imposed in recent months.

About 15 minutes into trading, the Dow Jones Industrial Average had gained 0.4 per cent to 26,118.06,.

The broad-based S&P 500 also advanced 0.4 per cent to 2,815.75, while the tech-rich Nasdaq Composite Index gained 0.6 per cent to 7,641.96.

The Wall Street Journal reported that Washington and Beijing were in the final stages of a trade deal that could be signed around March 27.



A similar report in the New York Times said Beijing would lower some barriers on US companies operating in China and purchase large amounts American agricultural and energy goods in exchange for the US lowering most of the tariffs.

Both stories said significant details remain unresolved.

Key data releases this week include the Institute for Supply Management’s report on services sector activity and the February US jobs report.

Among individual companies, Newmont Mining climbed 0.2 percent after rejecting a hostile takeover bid from Canadian rival Barrick , saying its own merger with Goldcorp was a better option. Barrick dropped 0.7 per cent, while Goldcorp rose 1.5 per cent. — AFP

Source: The Malay Mail Online





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