US stocks gain as new trade talks announced

NEW YORK: Wall Street stocks rocketed higher on Thursday following news that the United States and China will resume high-level trade talks in October, raising hopes of possible progress in the trade war.

The announcement on US-China talks comes less than a week after both Beijing and Washington enacted new tariff measures on each other. The grinding dispute has hung over markets for more than a year.The report from payrolls firm ADP on private-sector hiring estimated August job growth at 195,000 new positions, above analyst expectations.

The Institute for Supply Management's monthly non-manufacturing index leapt 2.7 points to a reading of 56.4, overshooting economists' expectations and hitting its highest level since May.

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