US stocks erase losses and close higher on renewed rate cut bets

US stocks rose today, erasing previous losses, on the renewed expectations of the Federal Reserve to cut interest rate, as markets overlook the trade war concerns.

US Treasury Secretary Steven Mnuchin expressed doubts about a possible trade deal with China soon, as conference calls between the two sides began.

Wall Street received support from comments by US Federal Reserve Chairman John Williams, who stressed the need to act quickly to counter signs of a slower growth, which markets are explaining as a near interest rates cut.

Economic data showed the number of jobless claims in the US fell by about 8,000 to 216,000 last week.

In the crude market, West Texas fell 2.6% to $55.30 per barrel, the lowest close in a month, with the highest of today's at $57.3 and the lowest at $54.7.

Brent fell 2.7% to close at $61.93 per barrel, with a high of $64.4 and a low of $61.2.

At the end of the session, Dow Jones rose by less than 0.1% (equivalent to three points) to 27,223 points, the highest level at 27,266 points and the lowest at 27,068 points.

Nasdaq rose 0.3% (22 points) to 8,207 points, reaching a high of 8215 points and a low of 8135 points.

S&P 500 rose 0.3% (10 points) to 2,995 points, the highest at 2,998 points and the lowest level at 2,973 points.