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Wall Street rises on G20 trade hopes

Credit: Reuters Studio
Published on June 27, 2019 - Duration: 01:24s

Wall Street rises on G20 trade hopes

The S&P 500 and the Nasdaq closed higher Thursday as investors looked to the G20 summit in Osaka, Japan this weekend for progress in the U.S.-China trade dispute.

Fred Katayama reports.

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Wall Street rises on G20 trade hopes

Hopes for progress in the U.S.-China trade dispute produced a broad-based rally that lifted the S&P 500 and Nasdaq Thursday.

The S&P snapped a four-session losing streak.

Tempering optimism on trade ahead of the G20 summit: White House economic adviser Larry Kudlow said Washington may move ahead with more tariffs on Chinese goods.

Earlier, the Wall Street Journal reported Chinese President Xi Jinping plans to present a set of terms Washington should meet before Beijing is ready to settle their trade dispute.

Kramer Capital Research chief investment officer, Hilary Kramer: SOUNDBITE: KRAMER CAPITAL RESEARCH CHIEF INVESTMENT OFFICER, HILARY KRAMER (ENGLISH) SAYING: "If there's no deal, the market will go down and all the more reason why the Federal Reserve next month will be cutting those rates.

So in the end, bad news becomes good news.

Rates go down.

We're going to see those financials really get a bid." Shares of Boeing fell.

U.S. regulators identified a new flaw in the grounded 737 MAX jets.

Southwest Airlines and United extended their cancellation of those planes from their flying schedules.

And airlines urged regulators to work together to get the planes back to service.

Ford shares rose.

The automaker said it'll cut 12,000 jobs in Europe by the end of next year.

The biggest decliner on the S&P: ConAgra Brands.

Quarterly profit and sales at the maker of Hebrew National franks and Duncan Hines cake mixes missed analysts' estimates.

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