10/21, 3:31 PM (Source: TeleTrader)
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Wall Street starts slightly higher on fresh trade hopes

Equities in the United States kicked the week off by rising modestly as the US and China seemed to get closer to signing the phase-one deal, struck nearly two weeks ago.

Rekindling hopes of a permanent trade truce, Director of the US National Economic Council Larry Kudlow hinted on Monday that Washington would be willing to scrap the planned tariffs on Chinese-imported goods scheduled for December if the phase-one talks go well.

However, the World Trade Organization announced earlier that Beijing is seeking $2.4 billion in retaliatory sanctions against Washington due to the latter’s non-compliance with a 2012 ruling which required the world's largest economy to cancel tariffs on a number of Chinese products.

The Dow Jones Industrial Average jumped 0.11% at the start of the session with 3M bouncing 1.39%. The banking sector also recorded solid gains with JPMorgan Chase and Goldman Sachs among the top ten performers. The Nasdaq 100 rose 0.53% at the same time as semiconductors rallied. Nvidia, Advanced Micro Devices and Lam Research led the gains rising 2.45%, 2.19% and 2.11%, respectively. Meanwhile, the S&P 500 gained 0.44% at the open with Coty Inc. soaring 8.70%.

The euro declined 0.11% against the US dollar, going for 1,11592 at 9:30 am ET.

Breaking the News / GG