Stocks pull ahead despite China headwinds

10:25 a.m. ET

China to U.S.: No, we are aren't talking

Stocks were showing modest gains after the open Thursday after two huge rallies on Tuesday and Wednesday. 

There was continued uncertainty about the status of tariff disputes between the United States and China.  

The Trump Administration had insisted Wednesday that lower level staff were talking to their Chinese counterparts in Washington, D.C. 

But an official in China said Thursday they were not holding talks with the United States about easing trade tensions between the superpowers. "Any claims about progress in China-U.S. economic and trade negotiations are baseless rumors without factual evidence.”

At 10:25 a.m. ET, the Standard & Poor's 500 Index, meanwhile, was up 1% at 5,432.10. The Nasdaq Composite Index has risen 1.3% at 16,966. The Dow Jones Industrial Average had opened lower but was at 39,778, up 172 points.

Existing home sales fell 4.9% to a seasonally adjusted rate of 4.08 million units, the National Association of Realtors said. Analysts had expected a sales rate of 4.13 million units. 

Existing home sales represent roughly 90% of all home sales in the United States. 

Stock Market Today

Stocks were looking at a mixed open on Thursday after two huge rallies on Tuesday and Wednesday. 

There was some selling pressure generated by profit-taking, but specific stories were also affecting markets. 

The big rally over Tuesday and Wednesday had been fueled by President Donald Trump's backing off his criticism of the Federal Reserve and softening his tough talk about trade with China.