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S&P 500, Nasdaq close higher
US stocks rose for a third day on Thursday, April 24, thanks to strong gains in large-cap technology stocks, as investors continued to look for signs of progress on the global trade front.
The S&P 500 rose 2%, and the Nasdaq Composite rose 2.7%. The Dow Jones Industrial Average gained 487 points, or 1.2%.
Shares of Nvidia, Meta, Amazon, Tesla, and Microsoft all rose. This comes after Wall Street's tech sector was recently hit by the White House's tough trade stance, particularly toward China, which negatively impacted sector sentiment.
No Negotiations Between China and the US
These increases in indicators come despite China's announcement that there are no trade talks with the United States. Commerce Ministry spokesman He Yadong added that "all statements" regarding progress in bilateral talks should be rejected. He also called for the removal of "unilateral" tariffs.
These statements came after US President Donald Trump expressed his willingness to adopt a less confrontational approach to trade talks with Beijing.
US Treasury Secretary Scott Besant also said on Wednesday that the United States has "a chance to conclude a major trade deal."
The Trump administration had suspended the reciprocal tariffs it announced on April 2 on several countries for 90 days, with the exception of China, on which the United States raised tariffs several times, reaching 145%. China responded with retaliatory tariffs totaling 125%, in addition to other measures.
However, investors received some good news on Thursday afternoon, when the US Treasury Secretary said the Trump administration could reach a "deal of the century" on trade with South Korea "as soon as next week."
