Stocks – U.S.-China Hope Boosts Market; S&P Flirts With New Highs By

© Reuters. – Stocks moved higher Thursday, with the S&P 500 briefly topping its July 24 closing high, pushed higher by a thaw in U.S.-China trade relations.

The finished up 0.29% at 3,009.57 after briefly crossing the 3,020 level. The S&P’s peak close was 3,019.56 on July 24.

The were up 0.2% and was about 160 points below its July closing peak and 0.57% below its all-time high of 27,398.68.

The added 0.3%, pushed in part by gains in Microsoft (NASDAQ:), Apple (NASDAQ:), Google parent Alphabet (NASDAQ:) and Wynn Resorts (NASDAQ:).

Wynn rallied because of the day’s big catalyst: the Trump administration’s announcement late Wednesday that it will delay imposition additional tariffs on Chinese goods. In addition, President Donald Trump tweeted China is expected to buy U.S. agriculture goods in “large amounts” and China said it had inquired into prices of U.S. soybeans and pork.

The moves were seen as good-faith gestures to find a resolution to the U.S.-China trade war.

Soybean prices jumped on the news, closing up 29 cents, or 3.35%, to $8.955 a bushel. Soybeans are flat on the year and have been in the doldrums since topping $14 a bushel in 2012.

Materials, technology and financial stocks were the market leaders. Energy stocks pulled back as fell.

Interest rates moved higher as investors shed the safety of bonds for stocks. The yield rose to 1.785%, from 1.733% on Wednesday.

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