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Markets Right Now: Trade hopes push US stocks higher

NEW YORK (AP) — The latest on developments in financial markets (all times local):

9:35 a.m.

Stocks are opening broadly higher on Wall Street as traders applauded signs of progress in scaling back the trade tensions between China and the U.S.

Technology stocks and banks led the way higher in early trading Thursday.

Chipmaker Qualcomm soared 7% after reporting earnings that easily beat analysts’ forecasts. JPMorgan Chase climbed 1.3%.

The gains came after China said it had agreed with the U.S. to gradually ease tariffs on each other’s exports as part of an effort to scale back their trade war.

The S&P 500 index rose 13 points, or 0.4%, to 3,090.

The Dow Jones Industrial Average climbed 152 points, or 0.6%, to 27,646. The Nasdaq added 47 points, or 0.6%, to 8,458.

Bond prices fell sharply. The yield on the 10-year Treasury rose to 1.89%.

Associated Press

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