U.S. stocks rallied Thursday amid renewed hopes for progress in the trade dispute between the U.S. and China. The Dow Jones Industrial Average climbed 326.15 points, or 1.3%, to 26362.25. The S&P 500 added 36.64 points, or 1.3%, to 2924.58. The technology-heavy Nasdaq Composite rose 116.51 points, or 1.5%, to 7973.39.
Risk sentiments in the global market gained today on hopes that trade tensions between the United States and China might ease after Chinese commerce ministry spokesman Gao Feng told on Thursday that Beijing hopes Washington can cancel the planned tariff increase to avoid an escalation in the trade war. U.S. President Donald Trump said some discussions took place on Thursday, with more talks scheduled.
Shares linked to China gained on the hopeful signs for U.S.-China trade talks, with Hitachi Construction Machinery Co and Komatsu gaining 1.8% and 1.6%, respectively. Robot maker Fanuc Corp jumped 3%. Electrical equipment manufacturer Yaskawa Electric Corp advanced 3.8%. Ryohin Keikaku Co, which operates the MUJI chain of household item stores with a heavy presence in China, climbed 1.6%.
ECONOMIC NEWS: Japan Retail Sales Down 2.3% On Month In July-- Japan total value of retail sales was down a seasonally adjusted 2.3% on month in July, the Ministry of Economy, Trade and Industry said on Friday, following the flat reading in June. On a yearly basis, retail sales sank 2% following the 0.5% increase in the previous month.
Japan Industrial Production Up 1.3% In July-- Japan industrial production was up a seasonally adjusted 1.3% on month in July, the Ministry of Economy, Trade and Industry said in Friday's preliminary reading, following the 3.3% drop in June. On a yearly basis, industrial output was up 0.7% after tumbling 3.8% in the previous month. Upon the release of the data, the METI maintained its assessment of industrial production, saying that it continues to fluctuate indecisively.
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Japan Jobless Rate At 2.2% In July - Japan jobless rate came in at a seasonally adjusted 2.2% in July, the Ministry of Internal Affairs and Communications said on Friday, which would have been unchanged from the June reading. The job-to-applicant ratio was 1.59. The participation rate was 62.1%.
CURRENCY NEWS: The U.S. dollar depreciated in the mid 106 yen zone in Tokyo on Friday. The Japanese yen traded at 106.47 against the dollar after weakening from levels below 106.2 yesterday
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