Today stocks rallied – again.
Stocks were up big from start to finish following remarks from Chinese President Xi Jinping, which helped ease fears of a global trade war.
Mr. Xi said that he plans to “significantly” cut tariffs on imported automobiles, reduce duties on other imported goods, and improve the intellectual property rights of foreign firms. President Trump praised Mr. Xi for his comments, and said the two leaders will “make great progress together.”
In other news, there’s some uncertainty as to how President Trump will respond to a chemical attack in Syria that killed more than 40 people. It seems that there will be a reaction, but nobody knows yet what it will be. But stocks didn’t seem to be concerned about that – yet.
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Here’s where the major indices ended the day:
- The S&P finished with a 1.7% gain. Up 44 points, the S&P ended at 2,657.
- The DOW ended 1.8% higher. Adding 429 points, the DOW closed at 24,408.
- The NASDAQ was up 2.1%. With a 144 point gain, the NASDAQ finished at 7,094.
- Bitcoin ended 1.3% higher. Gaining $90, Bitcoin is trading at $6,879.
Crude Oil (CL) went straight up for most of the session. Up 3.1%, CL ended at $65.49 a barrel.
In stock news, Mark Zuckerberg began a two-day testimony on Capitol Hill. He is answering questions regarding the Cambridge Analytical data scandal and Russia’s alleged use of Facebook to influence the 2016 U.S. presidential election. The market appeared to like what Mr. Zuckerberg had to say, because Facebook (FB) finished 4.5% higher.
Source: RockwellTrading by Markus Heitkoetter | Original Link