US: Wall St higher on US-China trade talk optimism

[WASHINGTON] US stock index opened higher on Monday as reports of planned trade talks between the United States and China raised hopes of a potential resolution to their trade spat.

Lower-level trade talks will be held on Aug 22 and 23, according to the Wall Street Journal, just as new US tariffs on US$16 billion of Chinese goods take effect, along with Beijing's retaliatory tariffs on an equal amount of US goods.

Ten of the 11 major S&P sectors were higher, with the materials and industrial sectors leading the pack. The utilities index was the only laggard.

At 9:52 a.m. EDT the Dow Jones Industrial Average was up 90.30 points, or 0.35 per cent, at 25,759.62, the S&P 500 was up 4.63 points, or 0.16 per cent, at 2,854.76 and the Nasdaq Composite was down 5.78 points, or 0.07 per cent, at 7,810.56.

REUTERS