Stocks rose Thursday as the tech sector and optimism from the U.S.-China summit lifted sentiment. The Nasdaq and S&P 500 both finished with healthy gains and fresh intraday records, while a blowout report from Cisco Systems (CSCO) pushed the Dow back above 50,000. A boost also came from Boeing (BA), after President Donald Trump said China will order 200 jets.
Elsewhere, Wall Street's "fear gauge," the Cboe Volatility Index (VIX) notched its third-straight loss. Investors also noted retail sales data that came in-line with estimates and a higher-than-expected weekly jobless claims reading.
All Eyes Remain on China Summit
Oil prices rose on Thursday after the White House announced that the Strait of Hormuz must remain open, as discussed between Trump and China's Xi Jinping. June-dated West Texas Intermediate (WTI) added nine cents to settle at $101.17 per barrel.
Gold prices were little changed as traders digested ongoing Middle East tensions alongside the Trump-Xi summit. June-dated gold futures fell 0.4% to $4,686.20.
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