Stocks slumped overnight after China vowed to retaliate for President Trump's latest round of tariffs, then rallied in premarket trading on Thursday morning after China said it was willing to 'meet halfway.'
Wall Street rallied Thursday morning, after a severe routing on Wednesday that saw all three major indices hit their lowest levels so far this year on fears of an impending recession.
China’s Foreign Ministry said Thursday it “hopes the U.S. side will meet China halfway, and implement the consensus reached by the two leaders during their meeting in Osaka.” A positive quarterly earnings report from Walmart, which had earlier warned it would be forced to raise prices on a number of products due to the increase in tariffs, gave the stock market an additional boost. Alibaba, China's version of Amazon, recorded a 42 percent increase in revenue, edging up markets in Asia.
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