U.S. stocks rose in choppy trading on Thursday, as strong July retail sales data and Walmart's upbeat results eased some fears about the economy slipping into recession, but a slump in shares of network gear maker Cisco limited gains.
China on Thursday vowed to counter the latest U.S. tariffs on $300 billion of Chinese goods but called on the United States to meet it halfway on a potential trade deal, as U.S. President Donald Trump said any pact would have to be on America's terms.
U.S. retail sales surged in July as consumers bought a range of goods even as they cut back on motor vehicle purchases, which could help to assuage financial market fears that the economy was heading into recession.
UPS said on Thursday it has bought a minority stake in self-driving company TuSimple, and the world's largest package delivery company has been testing the startup's autonomous trucks since May on a busy freight route in Arizona.
Asian shares found some footing on Friday after a turbulent week as China hinted at more support for its economy, amid growing expectations of aggressive stimulus from all the major central banks.
U.S. retail sales surged in July as consumers bought a range of goods even as they cut back on motor vehicle purchases, helping to assuage financial market fears that the economy was heading into recession.
General Electric shares fell as much as 15% on Thursday after fraud investigator Harry Markopolos, who blew the whistle on Bernard Madoff's Ponzi scheme, said GE was concealing deep financial problems.
GE says the allegations of fraud are "entirely false and misleading."
Whistleblower Harry Markopolos released a new report about General Electric, saying the company is using some of the same accounting tricks as Enron.
The dollar recovered from early weakness but a gauge of global equity performance edged lower on Thursday as concerns about global growth offset investor optimism over a surge in U.S. retail sales last month and strong Walmart earnings.
U.S. stocks tried to bounce back on Thursday from a steep selloff a day earlier, as strong retails sales data and upbeat Walmart earnings eased concerns of a recession, but mixed signals on trade and Cisco's dismal forecast capped gains.
Wall Street seesawed from red to black and back on Thursday as recessionary fears and simmering U.S.-China trade tensions offset upbeat retail sales data.
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GE says the allegations of fraud are "entirely false and misleading."
Ryanair expects minimal cancellations with affected passengers flying out at different times if pilots in Britain and Ireland go ahead with a two-day strike next week, the airline's chief people officer said on Thursday.