DWDP - Stocks Resume Climb Dow up 900+ in 3 days
Stocks closed higher on Thursday as a rebound from sharp losses last month continued after comments from President Donald Trump indicated potential progress in U.S.-China trade relations.
The Dow Jones Industrials hurtled higher 264.98 points, or 1.1%, to 25,380.74, as DowDuPont outperformed, bringing its three-day gains to more than 900 points.
The S&P 500 added 28.63 points, or 1.1%, to 2,740.37, with materials leading.
The NASDAQ gained 128.16 points, or 1.8%, to 7,434.06, ahead of Apple's quarterly earnings report.
Trump said in a tweet Thursday that he had a "long and very good conversation" with Chinese President Xi Jinping on trade. He also said meetings between the two at the upcoming G-20 summit are being scheduled.
Thursday's moves come after investors capped off a volatile October with strong gains. The S&P 500 posted back-to-back gains of more than 1% to end last month.
But despite the recent rally, the Dow closed last month down 5.1%, its biggest one-month fall since January 2016. The S&P 500 lost $1.91 trillion in October, in its worst month since September 2011.
On Thursday, sentiment was lifted by better-than-forecast earnings from DowDuPont. Shares of DowDuPont rose 8.1%, its biggest one-day gain since Dec. 9, 2015. Tech giant Apple is scheduled to report earnings after the bell Thursday. The company's stock gained 1.5%.
Overall, corporate earnings have been mostly better than expected this season. FactSet data show 76.9% of S&P 500 companies that have reported have topped analyst expectations for calendar third-quarter earnings.
Prices for the benchmark for the 10-year U.S. Treasury regained ground, lowering yields to 3.14% from Wednesday's 3.15%. Treasury prices and yields move in opposite directions.
Oil prices tumbled $1.72 to $63.59 U.S. a barrel.
Gold prices jumped $18.50 an ounce to $1,233.50