Stocks rose broadly in early trading on Wall Street Thursday, pushing major indexes toward another set of records, after China said it agreed with the U.S. on a gradual pullback on tariffs if talks progress.
The S&P 500 is heading for its second record-setting day this week. The Dow Jones Industrial Average and the Nasdaq are on pace for their third day of record highs.
Technology companies led the market. Qualcomm rose sharply after reporting solid earnings. The sector is prone to swings in trade relations as many of those companies rely on China for sales and supply chains.
Banks also rose after bond yields made a big jump. Higher yields allow banks to charge more lucrative interest rates on mortgages and other loans. Citigroup rose 1.7% and JPMorgan Chase rose 1.3%.
The yield on the 10-year Treasury rose to 1.89% from 1.81% late Wednesday. The big move signals confidence from investors as they shift away from safe-play holdings and take on more risk.
Real estate companies and utilities, also considered safer investments, lagged the market.
KEEPING SCORE: The S&P 500 index rose 0.6% as of 10 a.m. Eastern time. The Dow Jones Industrial Average rose 202 points, or 0.7%, to 27,691. The Nasdaq rose 0.7%.
The Russell 2000 index of small company stocks was outpacing the broader market in the early going with a gain of 1.1%.
Markets in Europe and Asia also rose.
TRADING ON TRADE: The encouraging development in U.S.-China negotiations is giving the market direction after a day of listless trading as investors absorbed the latest round of corporate earnings. Both nations have agreed to a truce, but the terms are still vague and they have yet to sign a deal.
The U.S.-China trade war has been a top concern for investors since early 2018. Wall Street has been worried that tariffs will crimp corporate and economic growth.
BROKEN RECORDS: The S&P 500 has been on a steady rally for the past month, following the announcement of an initial U.S.-China trade deal in early October. Last week it notched three record-setting days as investors grew more encouraged about prospects for economic growth because of solid economic and earnings reports.
The rally also lifted the Dow and Nasdaq over the last two weeks to multiple records.
EARNINGS SCORECARD: It's a busy day for corporate earnings as the latest round of results nears the finish line. More than 85% of companies within the S&P 500 have reported so far.
Chipmaker Qualcomm, which reported results late Wednesday, rose 7.2% after beating analyst's profit forecasts. Several other winners included drug distributor Cardinal Health, which rose 5.9% after reporting surprisingly good results. Ralph Lauren surged 14.2% following its solid results.
Several companies that focus on travel were punished by investors after reporting weak results. TripAdvisor plunged 22.4% and Expedia plummeted 24.1%.
CHICAGO (AP) — Troy Murray, who played 12 seasons with the Chicago Blackhawks and transitioned into becoming the team’s long-time broadcasting analyst, has died. He was 63.
The Blackhawks announced on Saturday that Murray died earlier in the day, without specifying where.
Nicknamed “Muzz,” Murray revealed in August 2021 he had been diagnosed with cancer and undergoing chemotherapy treatments. He did not specify the type of cancer he had or provide any other details about his condition. Murray continued working on Blackhawks broadcasts, though at a diminished workload, before stepping away entirely this season.
Blackhawks chairman and CEO Danny Wirtz said the organization was “deeply heartbroken.”
“Troy was the epitome of a Blackhawk so far beyond his incredible playing career, with his presence felt in every corner of our organization over the last 45 years,” Wirtz said.
“During his long and hard battle with cancer, it was often said that Troy didn’t have any ‘give up’ in him,” Wirtz added. “While our front office won’t be the same without him, we will carry that spirit forward every day in his honor. We’ll miss you, Troy.”
Murray was best known as one of the Blackhawks most respected leaders during a 15-year NHL career that ended with him winning a Stanley Cup in his lone season with the Colorado Avalanche in 1996.
After spending the following season with the International Hockey League Chicago Wolves, Murray stayed in the city to begin his broadcasting career in 1998. Murray also became president of the Blackhawks alumni association.
“Troy Murray is remembered for not only his contributions on the ice, but for his professionalism and humility and dedication to the city of Chicago,” the team said in a release. “He leaves behind a lasting legacy within the Blackhawks family and the broader hockey world.”
Selected by Chicago in the third round of the 1980 draft, the center broke in with the Blackhawks by playing one game as a 19-year-old during the 1981-82 season.
From Calgary, Alberta, Murray topped 20 goals five times, including a career-best 45 goals and 99 points in 1985-86, while also known for his defensive play. That same season, he became the Blackhawks’ first player to win the NHL’s Frank J. Selke Trophy as the league’s top defensive forward.
Murray finished with 197 goals and 488 points in 688 games over two stints with the Blackhawks, and also played for Winnipeg, where he served as the Jets captain, Ottawa and Pittsburgh. Overall, he had 230 goals and 584 points in 915 career games.
Murray played collegiately at North Dakota, and earned WCHA rookie of the year honors as a freshman in 1981, and the following year helped the school win its fourth NCAA championship. In 1982, he also was captain of the Canada’s world junior championships gold medal-winning team.
Funeral arrangements have not been announced.
AP NHL: https://apnews.com/hub/nhl
FILE - Former Chicago Blackhawks' Troy Murray waves to fans before an NHL hockey game between the Blackhawks and the Columbus Blue Jackets in Chicago,Thursday, Jan. 14, 2010. (AP Photo/Nam Y. Huh, File)
FILE - Troy Murray, right, greets Chicago Blackhawks center Jonathan Toews before an NHL hockey game against the Ottawa Senators, Wednesday, Feb. 21, 2018, in Chicago. (AP Photo/Nam Y. Huh, File)
