U.S. stocks climb on trade optimism

U.S. stocks rose on Thursday. The Dow added nearly 50 points and climbed for the 7th day in a row, while the S&P closed around 3010. Driving the rally: a fresh stimulus package announced by the European Central Bank and positive news on the trade front with the U.S. delaying some tariffs on Chinese imports. National Securities’ Chief Market Strategist, Art Hogan: “The longer this trade war lasts, the more the global economy slows down. So right now, we’ve seen a market that has been extremely correlated to the tone around trade. When it feels like we’re escalating, the market sells off precipitous We saw that in the month of May, where we lost about 8% in the S&P. Now that we’re in a different place in September, where it feels like both sides want to move forward, this market is rallying.” Pushing the S&P higher: technology stocks, led by a 3% gain in Paypal and a 1% gain in Microsoft. Meanwhile on the Nasdaq, SmileDirectClub – the online startup that sells teeth aligners – made a disappointing debut. It closed down nearly 30 percent on its first day of trading.

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