US Stock Market Rises for Third Straight Day as China Trade Talks Continue
Zhang Yushuo
DATE:  Jan 09 2019
/ SOURCE:  yicai

(Yicai Global) Jan. 9 -- The US stock market closed up for a third consecutive day as vice-ministerial trade talks between the country and China are set to continue for a third day in Beijing.

The Dow Jones Industrial Average rose 256.10 points, or 1.09 percent, to 23,787.45, while the Nasdaq gained 1.08 percent to 6,897.00 and the S&P 500 increased 0.97 percent to 2,574.41. The US market has now recovered to the same level prior to a slump that took place over the Christmas period.  

US tech stocks closed mostly highly as FAANG shares rallied. Facebook [NASDAQ:FB] shares have risen 15.9 percent since the Dec. 24 slump while Amazon [NASDAQ:AMZN] has increased 26.8 percent and Netflix [NASDAQ:NFLX] has gained close to 37 percent.

US-listed Chinese tech firms had a mixed performance. Alibaba Group Holding [NYSE:BABA] gained 2.6 percent after the Hangzhou-based firm confirmed plans to acquire German data processing company data Artisans for EUR90 million. JD.Com [NASDAQ: JD] closed 0.8 percent higher while Baidu [NASDAQ: BIDU] was up 0.5 percent. Video streamer iQIYI [NASDAQ:IQ] fell 1.4 percent while second-hand car trading platform Uxin [NASDAQ:UXIN] dropped 3.9 percent and microblogger Sina Weibo [NASDAQ:WB] slumped 5.7 percent.

Originally expected to end last yesterday, bilateral trade talks continued late into the night and are expected to continue today, state-backed outlet Global Times reported, adding that both Chinese and American officials are keen to reach a deal.

The European market also rose yesterday. The European Stoxx 600 index closed up 0.7 percent at 3,045.94 points. The UK's FTSE 100 closed up 0.74 percent and Germany's DAX closed 0.52 percent higher at 10,803.98.

Editor: William Clegg  

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Keywords:   US Stock Market,Trade Talk