Published Fri, Apr 25, 2025 · 06:06 AM
[NEW YORK] Wall Street stocks rallied for a third straight session on Thursday (Apr 24), shrugging off mixed earnings and signs US trade deals with China and the European Union are not imminent.
China poured water on the likelihood of a speedy deal with Washington, with a commerce ministry spokesperson telling reporters the two sides were not even negotiating yet.
Meanwhile, US President Donald Trump blasted China after Boeing said Chinese companies had refused plane deliveries due to the trade dispute.
France’s economy minister Eric Lombard said a trade deal between the United States and the European Union is also a ways off.
But stocks looked past these developments – or lack thereof – and the Dow Jones Industrial Average finished up 1.2 per cent at 40,093.40.
The broad-based S&P 500 gained 2 per cent to 5,484.77, while the tech-rich Nasdaq Composite Index jumped 2.7 per cent to 17,166.04.
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Thursday’s gains are part of a “relief rally” that is persisting, said Adam Sarhan of 50 Park Investments.
Markets remain buoyed by Trump’s more conciliatory tone in recent days after stocks and US bonds sold off Monday following the Republican’s sharp criticism of Federal Reserve chair Jerome Powell.
On Tuesday, Trump said he had no intention to fire Powell. He has also tempered his rhetoric on China.
“The last few times the market has gone down a lot, Trump has changed his stance and he’s done so quickly,” said Sarhan. “When the markets move, Trump listens.”
Among companies reporting results, Procter & Gamble fell 3.9 per cent and PepsiCo dropped 4.9 per cent after both companies trimmed their forecasts amid tariff uncertainty.
But artificial intelligence player ServiceNow rocketed 15.6 per cent higher after results topped estimates. Profits jumped 33 per cent to US$460 million. AFP
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