Wall Street opens higher as trade worries ease

US stock indices opened the fourth session of the week sharply higher, buoyed by upbeat earnings results for major American corporations, while China said it will hold talks with the US on trade later this month, triggering hopes of a possible deal to end the current trade war between the two largest economies in the world. 

Industrial shares led the charge higher in Dow Jones, with Boeing up 3%, Caterpillar 2%. 

 Walmart spiked 9% after reporting the fastest growth in sales in a decade, with solid electronic sales as well, while Cisco rose over 4% after beating expectations in results and forecasts. 

US Data 

Earlier US data showed housing starts rose 1.5% to an annualized 1.311 million units in July, edging out estimates of a 1.4% increase to 1.310 million. 

Building permits rose 0.9% last month to an annualized 1.168 million units, compared to a 12.9% slump in June to 1.158 million, while missing expectations of a 7.4% increase to 1.260 million. 

An index tracking the manufacturing sector in Philadelphia fell to 11.9 from 25.7 in July, missing estimates of 21.9.  

US unemployment claims fell a thousand to 212 thousand in the week ending August 11, compared to 214 thousand in the previous reading, while analysts expected 215 thousand. 

Continuing claims fell 39 thousand in the week ending August 4 to 1.721 million from 1.760 million, beating estimates of 1.740 million. 

Stock Performance 

As of 02:25 GMT, Standard and Poor's 500 rose 0.71%, or 20.05 points to 2,828.42, while Dow Jones spiked 1.29%, or 325.45 points to 25,487.86. 

Tech-heavy NASDAQ rallied 0.71%, or 55.15 points to 7,829.27.