© Reuters. Traders Working at the New York Stock Exchange (NYSE) Floor Shortly After the New York Opening Bell
By Shreyashi Sanyal and Amy Caren Daniel
(Reuters) – Wall Street rose modestly on Thursday as US-China trade talks progressed but a slowdown in quarterly GDP growth fueled fears of an economic slowdown and held back gains.
The domestic economy slowed more than initially expected in the fourth quarter, leaving growth below the 3% annual target in 201
"At the moment, economic concerns are central to investors, and they were particularly confident that the United States is strong, but now doubts creep in," said Rick Meckler, Partner at Cherry Lane Investments in New Jersey.
Wall Street was hit by fears of growth last week when the Federal Reserve cut interest rate hikes this year and reversed the US Treasury yield curve for the first time since 2007.
However, investors began to get used to a relaxation phase Compared to the global central banks, the ten-year benchmark returns on Thursday rose from their 15-month lows. [US/]
This contributed to a 0.45% increase in the interest rate sensitive financial sector and a 0.68% increase in the banking sector.
Meanwhile, investors are also focusing on progress in US-China trade talks as leading US officials play a leading role. The delegation for trade talks arrived in Beijing.
Reuters reported that China made unprecedented proposals on a number of topics, including forced technology transfers, while a Bloomberg report indicated that the US could lift some tariffs on China while leaving others as part of an enforcement mechanism for the trade agreement.
"It is very unlikely that trade issues will be resolved very quickly and they have indicated that they have made so much progress in a situation where investors want more in-depth than just advances," Meckler said.
At 9.47 EDT, the increase had risen by 70.07 points or 0.27 percent to 25,695.66. It rose 7.24 points or 0.26 percent to 2,812.61, up 13.48 points or 0.18 percent to 7,656.86.
Consumer discretionary gained 0.46 percent, fueling the biggest upswing in the market.
PVH Corp. (NYSE 🙂 rose 17.6 percent, the largest among S & P 500 companies, after the apparel maker expected full-year adjusted earnings and sales above Wall Street expectations ,
Nielsen Holdings Plc slipped 9.2 percent, the largest number of S & P 500 companies, after private equity firm Blackstone (NYSE 🙂 Group had closed an auction to buy the rating company ,
Increasing problems exceeded the number of setbacks by 2.62 to 1 on the NYSE and 1.94 to 1 on the Nasdaq.
The S & P index recorded 15 new highs of 52 weeks and a new low of the Nasdaq recorded 24 new highs and 17 new lows.