The main US stock market indices opened in the green on Thursday in the backdrop of key Trump, Xi Jinping summit in China and strong earnings by tech major Cisco Systems Inc.
The S&P 500 rose 0.3% to 7,465.83, Dow Jones Industrial Average surged over 300 points to reclaim the 50,000 mark, while tech-heavy Nasdaq Composite opened 0.2% higher at 26,451.35.
Cisco Systems soared 17% to $119 after its third quarter guidance beat Wall Street expectations. Notably, the company also announced its intention of axing almost 4,000 jobs.
Retail sales data, which advanced for the third straight month in April, also boosted the market sentiment. The value of retail purchases increased 0.5% after a revised 1.6% gain in March.
Strong corporate earnings,signs of economic resilience have helped indices hit record after record with the S&P 500 surging about 18% from its March low.
Shares of bellwether chipmaker Nvidia Corp. rose for the seventh day straight and traded 2.5% higher at $231.48. The Trump-Xi visit has thrown light on some of the companies with the highest exposure to China.
Among these are Boeing Co., Nvidia Corp., Tesla Inc., Qualcomm Inc.and Apple Inc.
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Boeing, which could emerge as a central bargaining chip in the discussions is seeing a lot of volatility. After rising nearly 1% at open, the shares slumped 3.4% to $ 232.45 within 30 minutes of the opening bell. Tesla, Qualcomm and Apple also traded lower as of 10:15 a.m. EST.
Crude oil prices eased slightly with global benchmark brent crude trading 0.27% lower at $105.34 and West Texas Intermediate trading 0.21% lower at $100.82.
The Dollar Spot Index rose 0.1%, euro fell 0.2% to $1.1691, British pound fell 0.2% to $1.3498, and Japanese yen was little changed at 157.85 per dollar.
Bitcoin, the largest traded cryptocurrency, rose 0.3% to $79,906.76.
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