S&P 500 up 0.2% at 2,856.48

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Breaking

S&P 500, Nasdaq’s rallies put stock-market benchmarks on pace to erase weekly losses

Strong early gains for the S&P 500 index and the Nasdaq Composite on Thursday put both benchmarks on track to wipe out firm weekly declines after being buffeted by trade-war fears. The S&P 500 index was up 1.1% at 2,882, with a weekly gain of a little less than 0.1% in late-morning dealings, while the Nasdaq was up 1.3% at 7,922, on pace for a weekly advance of just under 0.1%. Meanwhile, the Dow Jones Industrial Average was holding on to a weekly slide of 0.3% but has eaten away at a firmer slide at the start of the week, with Thursday gains of 215 points, or 0.8%, partly led by a rally in share of Walmart Inc. . Gains for the equity benchmarks took flight after a bath of economic data came in better than expected, including a measure of manufacturing activity in the Philadelphia area and readings of jobless claims and housing starts. Investors dialed back hopes for a trade deal between Washington and Beijing after President Trump signed an executive order Wednesday allowing the U.S. to ban telecommunications network equipment, a move officials said targeted Chinese technology companies Huawei and ZTE. That came a day after the Trump administration postponed a decision on whether to impose tariffs on autos, sparking a small market rally for U.S. and European stocks.

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