Investors shrug off trade fears

U.S. stocks closed higher on Thursday, with major indexes posting their first three-day rally in several weeks as investors dialed back fears that a trade spat between the U.S. and China will turn into a full-blown trade war, suggesting increased stability in the equity markets. The Dow Jones Industrial Average rose 241 points, or 1%, to 24,505 with the S&P 500 index up 18 points, or 0.7%, to 2,663, led by a 1.8% gain for energy as crude prices gained.

European stocks booked the best one-day gain in nearly two years and ended at a three-week high. In Frankfurt, the DAX 30 soared 2.9% to 12,305.19, representing its best single-session gain since April 24, 2017. The U.K.’s FTSE 100 index jumped 2.4% to 7,199.50—its best daily rally since June 29, 2016. Among the stocks benefiting from easing trade tensions were export-heavyweight car makers, which reversed losses from the previous session.

Ubisoft propelled by latest title

Shares of Ubisoft Entertainment SA skyrocketed on Thursday after the videogame-maker announced that its fifth edition of the Far Cry series more than doubled the first week sell-through of its predecessor, Far Cry 4, making it the fastest selling title in the franchise's history. The company stated that Far Cry 5 now represents the second biggest launch ever for a Ubisoft game, following only ‘Tom Clancy's The Division’, with $310M USD in consumer spending through the first week along with record-breaking numbers of people are engaging with additional content.

"I'm proud that the culmination of years of passionate work from the team is paying off, and that Far Cry 5's experience resonates with so many people," said Dan Hay, Executive Producer on Far Cry. "We are humbled by players' reception of Far Cry 5 and fired up to keep growing and supporting the Far Cry community in the months and years to come." Shares jumped 10.77% to close at 73.86.

Facebook breathes sigh of relief

Facebook Inc. shares rallied Thursday after Chief Executive Officer Mark Zuckerberg stoked optimism that the drumbeat of bad news may be coming to an end, saying that he hadn’t observed “any meaningful impact” on the business, despite weeks of revelations, complaints from advertisers and users of the social network. His comments suggest “the worst is likely behind” the social media company.

The company however still faces challenges ahead, particularly as Zuckerberg confronts that questioning from lawmakers in two congressional hearings next week. Facebook shares rose 2.2 percent to $158.49 at 12:35 p.m. in New York 16 percent through Wednesday’s close since the Cambridge Analytica privacy issue emerged because investors are concerned the company’s massive data-gathering operation will be limited, either voluntarily or through regulation.