DLTH - Stock Hike Brakes as Trade Deal Reports Debunked
Stocks cut their gains on Thursday after a senior Trump administration official denied a report about the U.S. mulling over an interim trade deal with China.
The Dow Jones Industrial Average strode up 101.80 points to 27,238.84, making a stronger bid to extend its win streak to seven straight sessions.
The S&P 500 added 12.25 points to 3,013.18, its highest level since late July.
The NASDAQ Composite jumped 44.23 points to 8,213.91
The Dow and S&P 500 entered Thursday's session less than 1% from record highs reached in July. The Dow also closed above 27,000 on Wednesday for the first time since July 30 while the S&P 500 broke above 3,000 for the first time since July 31.
The Kroger Company and Duluth Holdings are among the companies reporting earnings Thursday.
The Trump administration is “absolutely not” considering an interim deal with China, an official told the media. Bloomberg News had reported earlier that President Donald Trump's advisors were considering such a deal, sending the major indexes to their session highs.
Elsewhere, investors digested the latest decision from policymakers at the European Central Bank. The ECB cut its deposit rate by10 basis point and launched a new bond buying program. The bank will buy €20 billion worth of assets for as long as needed.
Prices for the benchmark 10-year U.S. Treasury sagged, raising yields to 1.77% from Wednesday's 1.74%. Treasury prices and yields move in opposite directions
Oil prices subsided $1.11 to $54.64 U.S. a barrel.
Gold prices gained $9.50 to $1,512.70 U.S. an ounce.