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14-Sep2018

US markets end higher on Thursday

The US markets ended higher on Thursday with gains of over half a percent following reports the US is proposing a new round of trade talks with China in the near future. US Treasury Secretary Steven Mnuchin has reportedly sent an invitation for talks to senior Chinese officials, proposing a meeting in the next few weeks. Traders also reacted positively to a report from the Labor Department showing consumer prices rose by less than expected in the month of August. The Labor Department said its consumer price index rose by 0.2% in August, matching the increase seen in July. Street had expected prices to climb by 0.3%. Excluding food and energy prices, core consumer prices inched up by 0.1% in August after rising by 0.2% for three straight months. Core prices had been expected to show another 0.2% increase.

The report also said the annual rate of consumer price growth slowed to 2.7% in August from 2.9% in July. Core consumer prices were up by 2.2% year-over-year in August compared to the 2.4% increase in the previous month. Meanwhile, according to a report released by the Labor Department, first-time claims for US unemployment benefits unexpectedly edged slightly lower in the week ended September 8. The report said initial jobless claims dipped to 204,000, a decrease of 1,000 from the previous week's revised level of 205,000. Street had expected jobless claims to rise to 210,000 from the 203,000 originally reported for the previous week.

Dow Jones Industrial Average surged 147.07 points or 0.57 percent to 26145.99, the S&P 500 rose 15.26 points or 0.53 percent to 2904.18 and Nasdaq was up by 59.48 points or 0.75 percent to 8013.71.


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