The Daily Times Newspaper

The Stock Exchanges in New York Opened Higher on Friday

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The stock exchanges in New York opened higher on Friday.

 

Investors on Wall Street are responding positively to reports that China will again buy more soybeans, corn and ethanol from the United States and thus still complies with the first-phase trade agreement with the US.

Shortly after opening, the Dow-Jones index rose 1.2 percent to 26,394 points. The broad S&P 500 climbed 1.1 percent to 3,148 points, and the technology gauge Nasdaq rose 0.9 percent to 10,030 points

Reports of China’s purchases added some positivity. A day earlier, President Donald Trump tweeted that he still saw a complete decoupling of the US and China economies as an option.

The prospect of a renewed escalation of the trade conflict between the two superpowers, which are now also in political turmoil about Hong Kong, among others, had caused caution in traders in recent days.

News of agricultural purchases pushed stock prices of companies like Archer Daniels Midland and Bunge up 2.2 percent. Both companies process a lot of agricultural products.

Auto group Ford Motor announced it would resume production in the US from Monday, two weeks ahead of schedule. Ford rose 4 percent.

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