Stocks closed higher for the third day in a row, marking overall gains for the week despite Monday's huge losses. Every sector in the S&P 500 rose, good for nearly 1% in gains.
Walmart shares rose 2.5% after the retailer posted first-quarter earnings for fiscal 2020 that topped analyst expectations. The company said it is in a "Cisco Systems also reported better-than-expected quarterly earnings, sending its stock up 6.9%. The company issued stronger-than-forecastShares of Citigroup, J.P. Morgan Chase, Bank of America, Morgan Stanley and Goldman Sachs all gained more than 1%. Banks rose as the benchmark 10-year Treasury yield climbed back above 2.
Investors had largely priced in the two countries striking a deal this month. Instead, the U.S. hiked tariffs on $200 billion worth of Chinese imports. China retaliated with higher tariffs on $60 billion worth of goods.declared on Wednesday a national emergency over threats against American technology. This move is expected to be followed by a ban on U.S. firms doing business with Huawei, a Chinese telecommunications company.
Trade worries led to a massive sell-off in equities to start off the week. The Dow fell more than 600 points on Monday, while the S&P 500 and Nasdaq dropped 2.4% and 3.4%, respectively.
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