U.S. stocks rebounded nicely after yesterday’s decline amid some upbeat earnings reports from Dow member’s Walmart and Cisco, while China announced that it plans to resume trade talks with the U.S. In other earnings developments, shares of J.C. Penny tumbled after the retailer posted a much larger-than-expected loss. Treasury yields ticked slightly higher and crude oil prices also nudged to the upside, while the U.S. dollar and gold dipped. In economic news, housing, employment and some regional manufacturing data came in mixed.

The Dow Jones Industrial Average (DJIA) jumped 396 points (1.6%) to 25,559, the S&P 500 Index gained 22 points (0.8%) to 2,841, and the NASDAQ Composite was 32 points (0.4%) higher at 7,807. In moderate volume, 706 million shares were traded on the NYSE and 2.0 billion shares changed hands on the NASDAQ. WTI crude oil increased $0.45 to $65.46 per barrel and wholesale gasoline lost $0.01 to $1.99 per gallon. Elsewhere, the Bloomberg gold spot price dipped $1.23 to $1,173.61 per ounce, and the Dollar Index—a comparison of the U.S. dollar to six major world currencies—was nearly 0.1% lower at 96.63.

Housing starts for July rose 0.9% month-over-month (m/m) to an annual pace of 1,168,000 units, below the Bloomberg forecast of a 1,260,000 unit rate. June starts were revised lower to an annual pace of 1,158,000. Building permits, one of the leading indicators tracked by the Conference Board as it is a gauge of future construction, grew 1.5% m/m to an annual rate of 1,311,000, versus expectations of a 1,310,000 pace, and compared to June’s upwardly revised 1,292,000 rate.

Weekly initial jobless claims declined by 2,000 to 212,000, versus estimates calling for 215,000, with the prior week’s figure revised higher by 1,000 to 214,000. The four-week moving average rose by 1,000 to 215,500, while continuing claims fell by 39,000 to 1,721,000, south of estimates of 1,740,000.

The Philly Fed Manufacturing Index in August fell more than expected but remained at a level depicting expansion (a reading above zero), dropping to 11.9 from 25.7 in July, compared to estimates of a decline to 22.0. Treasuries dipped following the data, with the yields on the 2-year and 10-year notes ticking 1 basis point higher to 2.62% and 2.87%, respectively, while the 30-year bond yield was flat at 3.03%.

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