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U.S. stock indexes extend winning streak to 3rd day

Traders Gregory Rowe, left, and Benjamin Tuchman work

Traders Gregory Rowe, left, and Benjamin Tuchman work on the floor of the NYSE on May 9. Photo Credit: AP / Richard Drew

Stocks closed broadly higher on Wall Street for the third straight day Thursday, led by solid gains in technology companies and banks.

The latest gains extend the market's turnaround from the start of the week, when stocks nosedived as the trade conflict between the U.S. and China escalated, stoking investors' fears about the fallout for the global economy and corporate profits.

Traders have since been encouraged by signals that Washington and Beijing are still planning to continue negotiations. And they've found relief in reports indicating that the U.S. is backing away from raising tariffs on auto imports from Europe and is making progress on lifting steel tariffs in North America.

"While we've seen a heightened rhetoric between the U.S. administration and the Chinese, we haven't seen a significant global escalation at this point, so there's a little bit of a relief in that," said Eric Wiegand, senior portfolio manager for Private Wealth Management at U.S. Bank.

The S&P 500 index rose 0.9 percent, to 2,876.32. The Dow Jones Industrial Average climbed 214.66 points, or 0.8 percent, to 25,862.68. The index was briefly up 309 points.

The Nasdaq composite gained 1 percent, to 7,898.05. The Russell 2000 index of small company stocks picked up 0.6 percent, to 1,557.24.

The S&P 500 is now up 2.3 percent from its close on Monday, when the benchmark index slumped after China issued retaliatory tariffs on U.S. goods, ratcheting up tensions between the two largest economies in the world. -- AP

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