U.S. stocks ended sharply higher on Thursday after the U.S. and China were scheduled to renew trade talks and strong economic data from the labor market and services sector.
The S&P 500 rose 1.3% to finish near 2,976. The Dow Jones Industrial Average picked up 373 points, or 1.4%, to around 26,728, based on preliminary numbers. The Nasdaq Composite finished higher by 1.8% to around 8,117.
Investor sentiment was buoyed after Washington and Beijing agreed to conduct face-to-face trade negotiations in October. As for economic data, Automatic Data Processing reported that private sector payrolls had increased by 195,000 in August.
The ISM nonmanufacturing index came in at 56.4% last month, well above the consensus estimate of 54.2% expected by economists polled by MarketWatch. On earnings, shares of Slack Technologies Inc was flat after it forecast a larger-than-expected loss in the third-quarter.
Source : MarketWatch