clearn.png
Friday November 27th, 2020 12:33AM

As hope grows for China trade deal, US stocks edge higher

By The Associated Press
Related Articles
  Contact Editor

NEW YORK (AP) — Stocks are edging higher on Wall Street in morning trading following reports that the U.S. and China are moving closer to a deal to resolve their costly trade dispute.

The world's two largest economies have pulled back from an immediate escalation of their damaging trade war since they started negotiating last month. President Donald Trump postponed a deadline for raising tariffs on more Chinese goods, citing progress in a series of talks. Now, media reports say the nations could strike a deal this month.

The main sticking point for the U.S. is China's technological ambitions. The U.S. has accused China of stealing technology and forcing companies to turn over technology in order to do business.

Tit-for-tat tariffs imposed by both nations have raised prices on a variety of goods. China could be close to a deal that would cut tariffs on U.S. farm, auto and other products and the U.S. is considering removing most sanctions on imports, according to media reports.

Technology stocks, industrial and internet companies were among the biggest gainers in early trading. Homebuilders, including PulteGroup and Lennar, rose following a report that showed 2018 was a record year for construction spending. AT&T fell after it said it will reorganize its WarnerMedia unit.

KEEPING SCORE: The Dow Jones Industrial Average was little changed at 26,013 as of 10:55 a.m. The S&P 500 index rose 0.1 percent and the Nasdaq composite rose 0.2 percent.

ZOMBIE COMPETITION: Children's clothing retailer Children's Place gave investors a dismal forecast after reporting a disappointing fourth quarter. The stock fell 10.7 percent.

The main issue is competition from dying competitors holding liquidation sales. Rivals Gymboree and Crazy 8 stores have been in the process of shutting down, which means liquidation sales and better deals for shoppers.

"We have never experienced a total liquidation of a direct competitor of the size and proximity of Gymboree," Children's Place CEO Jane Elfers said in a prepared statement.

HOMEBUILDERS RISE: PulteGroup, Lennar and others rose after a government report said 2018 was a record year for construction spending.

The Commerce Department reported that construction spending rose 4.1 percent to $1.3 trillion, marking an all-time high. Spending edged lower in December, though, reflecting slower growth within the wider housing sector.

PulteGroup rose 3.4 percent and Lennar gained 2.7 percent.

BIOTECH BUMP: Gene therapy developer Nightstar Therapeutics surged 66 percent after biotech giant Biogen offered to buy it for $877 million in cash. Nightstar is developing treatments for rare eye conditions.

Biogen and other large drug developers have been trying to expand their portfolios to include gene therapy and treatments for rare conditions. Those treatments are expensive to develop, but command better prices if they make it to market.

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Economy, AP Business - Financial Markets, AP Business - Industries, AP Business - Health Care
© Copyright 2020 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
House panel seeks documents on 81 people linked to Trump
White House criticizes sweeping House probe of Trump and his administration after Democratic committee chairman asks for documents from 81 people linked to president and his associates
12:11AM ( 40 minutes ago )
FBI stepping up efforts to root out international corruption
FBI stepping up its efforts to root out foreign corruption with a new squad of agents based in Miami
12:11AM ( 41 minutes ago )
Attorney general won't recuse from overseeing Mueller probe
Attorney General William Barr will not recuse himself from overseeing the special counsel's Russia probe
12:09AM ( 43 minutes ago )
Associated Press (AP)
Japan court OK's Nissan ex-Chairman Ghosn's release on bail
Tokyo District Court approves release of Nissan ex-chairman Carlos Ghosn on 1 billion yen ($8.9 million) bail
11:41PM ( 1 hour ago )
China sets robust growth target to shore up cooling economy
China sets robust economic growth target amid trade battle with Washington and plans 7.5 percent rise in military spending
11:23PM ( 1 hour ago )
Asian shares fall, China's edge up on bullish growth target
Most Asian shares fall, China's edge higher on bullish growth target
11:21PM ( 1 hour ago )
AP Business
Health care, tech lead losses for stocks on Wall Street
Health care companies led stocks lower on Wall Street Monday as investors waited for more details on reports that the U.S. and China are moving closer to a deal to resolve their costly trade dispute
5:03PM ( 7 hours ago )
Stocks slide as investors wait for details on trade talks
Health care companies are leading a broad slide on Wall Street as investors wait for more details on reports that the U.S. and China are moving closer to a deal to resolve their costly trade dispute
3:07PM ( 9 hours ago )
Trump symbolically tightens embargo on Cuba
The Trump administration is tightening the six-decade trade embargo on Cuba by allowing lawsuits against Cuban companies using properties confiscated after its 1959 revolution
2:10PM ( 10 hours ago )
AP Business - Economy
Mnuchin announces halt in payments into 2 retirement funds
Mnuchin tells Congress he is halting payments into 2 government retirement funds with debt limit in effect
6:38PM ( 6 hours ago )
Global stocks rise on reports US, China close to trade deal
Global stocks rise after report Washington, Beijing are close to agreement to end tariff war
7:20AM ( 17 hours ago )
Asian stocks rise on reports US, China close to trade deal
Asian stocks rise after report Washington, Beijing are close to agreement to end tariff war
2:35AM ( 22 hours ago )
AP Business - Financial Markets
Higher education: Colleges add cannabis to the curriculum
Students can pursue what amounts to a marijuana major or cannabis minor as a growing number of colleges look to prepare graduates for jobs in a blossoming industry
3:40PM ( 9 hours ago )
Inslee eyes national climate fight, has struggled at home
Washington Gov. Jay Inslee kicked off his presidential campaign with a call for making the fight against climate change the nation's top priority. But his track record at home has been mixed.
3:35PM ( 9 hours ago )
Lilly to sell cheaper version of top-selling insulin Humalog
Eli Lilly is offering a half-price version of its top-selling insulin Humalog
2:32PM ( 10 hours ago )
AP Business - Industries
China drafts rules on biotech after gene-editing scandal
China unveils draft regulations on gene editing and other potentially risky biomedical technologies after a Chinese scientist's claim of helping to create gene-edited babies roiled the global science community
1:49AM ( 5 days ago )
China drafts rules on biotech after gene editing scandal
China has unveiled draft regulations on gene-editing and other new biomedical technologies it considers to be "high-risk."
12:03AM ( 6 days ago )
Senators draw on own experiences to chastise drug companies
CEOs of seven major pharmaceutical companies faced a hostile grilling from senators
4:03PM ( 6 days ago )
AP Business - Health Care
China sets robust growth target to shore up cooling economy
China sets robust economic growth target amid trade battle with Washington and plans 7.5 percent rise in military spending
12:28AM ( 23 minutes ago )
House panel seeks documents on 81 people linked to Trump
White House criticizes sweeping House probe of Trump and his administration after Democratic committee chairman asks for documents from 81 people linked to president and his associates
12:11AM ( 40 minutes ago )
FBI stepping up efforts to root out international corruption
FBI stepping up its efforts to root out foreign corruption with a new squad of agents based in Miami
12:11AM ( 41 minutes ago )
Attorney general won't recuse from overseeing Mueller probe
Attorney General William Barr will not recuse himself from overseeing the special counsel's Russia probe
12:09AM ( 43 minutes ago )
Japan court OK's Nissan ex-Chairman Ghosn's release on bail
Tokyo District Court approves release of Nissan ex-chairman Carlos Ghosn on 1 billion yen ($8.9 million) bail
12:03AM ( 49 minutes ago )