U.S. stocks rallied Thursday following reports that the U.S. and Chinese governments have agreed to resume trade talks next month.

In economic news, private-sector payrolls came in ahead of expectations, while a manufacturing survey and initial jobless claims were slightly worse than anticipated.

In corporate news, Slack Technology shares fell after reporting earnings.

U.S. Treasuries were lower.

Volume on the New York Stock Exchange was high, with 930.8 million shares traded. Advancers outnumbered decliners by a wide margin.

Gold fell $34.90 to $1,515.40, silver fell 93 cents to $18.65, and crude oil fell 5 cents to $56.21 a barrel.

The 30-year Treasury yield closed higher at 2.06 percent, and the 10-year Treasury yield finished higher at 1.57 percent.

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