U.S. stocks open higher amid trade hopes

Xinhua News Agency | Aug 15, 2019 at 3:12 PM

NEW YORK, Aug. 15 (Xinhua) -- U.S. stocks opened higher on Thursday, erasing the steep losses of the previous day, as the market was soothed by hopes that the ongoing U.S.-China trade tensions would possibly ease.

Shortly after the opening bell, the Dow Jones Industrial Average rose 108.07 points, or 0.42 percent, to 25,587.49. The S&P 500 increased 10.86 points, or 0.38 percent, to 2,851.46. The Nasdaq Composite Index rallied 27.08 points, or 0.35 percent, to 7,801.02.

The majority of the 30 blue-chip stocks in the Dow extended gains, with JP Morgan Chase rallying nearly 1.4 percent, bouncing back from its steep loss on Wednesday and being among the best performers.

Shares of Walmart rose over 5.2 percent, after the U.S. retail corporation posted second-quarter earnings that topped Wall Street estimates. The retailer also raised its outlook for full-year sales and earnings.

Yet all of the 11 primary S&P 500 sectors traded lower around market opening, with the energy sector down over 4.1 percent, leading the losers.

U.S. stocks dived at market close on Wednesday, wiping out the short-lived gains of the previous day, as mounting fears over an impending recession struck a blow to already-dampened investor sentiment.

The Dow plunged 800.49 points, or 3.05 percent, marking its largest daily decline of the year so far. The S&P 500 decreased 85.72 points, or 2.93 percent. The Nasdaq Composite Index fell 242.42 points, or 3.02 percent.