U.S. stocks finished higher Thursday for the third day in a row, powered by optimism that the United States and Mexico can work out a trade deal.
The Dow Jones industrial average climbed 0.7% to 25,720.66 on Thursday. Above, trader Tommy Kalikas at the New York Stock Exchange.
Investors have been anxious about escalating trade disputes between the United States and key trading partners, primarily China. Worries that the trade conflicts will drag on, stifling economic growth and hurting corporate profits, drove a month-long sell-off in May. That derailed a market run during which the benchmark Standard & Poor’s 500 index set an all-time high April 30.
The Nasdaq composite reversed an early slide, finishing with a gain of 40.08 points, or 0.5%, at 7,615.55. The Russell 2000 index of smaller companies fell 3.25 points, or 0.2%, to 1,503.54.U.S. and Mexican officials continued trade talks Thursday in a bid to avert import tariffs that Trump has threatened to impose unless Mexico acts to stem the flood of Central American migrants at America’s southern border.
The government’s May jobs report, due out Friday, could prove a key factor in what the Fed does next. A separate gauge of employment growth by ADP, released this week, showed a sharp slowdown in hiring last month. Economists surveyed by FactSet project that the government will also report that hiring slowed last month.
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