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Ancient Gaseous Emanation
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05 September 2019


U.S. stocks surged on Thursday on expectations of a de-escalation in trade tensions after Washington and Beijing agreed to hold high-level talks next month, while strong U.S. economic data eased fears of a domestic slowdown.

After anxiety about a deepening trade war triggered a sell-off in late July and early August, leading to speculation that a decade-long bull market was ending, the S&P 500 has largely recovered and is now less than 2% short of its July 26 record high close. The benchmark index has climbed 2.4% in the past two sessions.

China and the United States agreed to hold talks in early October in Washington, boosting markets as investors bet on a thaw in the trade war between the world’s two largest economies, which has taken a toll on global growth.

Alternating signs of improvement and deterioration in the U.S.-China trade war, often based on tweets and comments from Trump, have repeatedly sparked volatility on Wall Street in recent months.

“Whether the talks occur or not, we’ll see. And whether they are productive, we’re skeptical. But the market loves it,” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York.

The S&P information technology index rose 2.1%, while financials jumped 1.9%, the two rising the most among the 11 major S&P 500 sectors.

The interest rate-sensitive S&P 500 Banks Index surged 2.5%, following a rise in U.S. Treasury yields.

The ADP National Employment Report, considered a precursor to the Labor Department’s more comprehensive jobs report, showed U.S. private employers’ payrolls grew at the fastest pace in four months in August, led by big gains in service-sector jobs.

Another private survey showed growth in U.S. services sectors accelerated in August, rebounding from its weakest level in nearly three years, as new orders rose to their highest level since February amid trade worries.

The upbeat reports eased concerns of an economic downturn, which was exacerbated by data on Tuesday that showed a contraction in U.S. factory activity in August. Investors will keep a close watch on the crucial nonfarm payrolls data due on Friday.

“Manufacturing is in a bit of a global slump, but if you look at the other economic data, like the services and jobs reports, none of them point to an economy that is teetering on a recession,” said Michael Antonelli, market strategist at Robert W. Baird in Milwaukee.

The Dow Jones Industrial Average rose 372.68 points, or 1.4%, to 26,728.15, the S&P 500 gained 38.22 points, or 1.3%, to 2,976 and the Nasdaq Composite added 139.95 points, or 1.8%, to 8,116.83.

Sectors viewed as defensive declined, with the S&P utilities index, real estate index and consumer staples index all down.

Advancing issues outnumbered declining ones on the NYSE by a 1.93-to-1 ratio; on Nasdaq, a 2.84-to-1 ratio favored advancers.

The S&P 500 posted 56 new 52-week highs and no new lows; the Nasdaq Composite recorded 74 new highs and 45 new lows.

About 7.5 billion shares changed hands on U.S. exchanges, compared with the 6.8 billion-share daily average over the last 20 sessions.




https://www.newsmax.com/finance/streettalk/wall-street-stocks-data-economy/2019/09/05/id/931380/
 

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7,544 Posts
The DemocRats want a recession in the worst way. They want to see this economy failing. It’s like getting on a plane and saying “I hate this pilot. I hope we crash”. Insanity. They know when it comes to elections, “ it’s the economy stupid”. They don’t want what’s best for this country and the everyday citizens. Not going to happen. It’s a ten year cycle and we’re still on the building side of that cycle.
 

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Funny you never see this in the main stream news, only when the opposite is happening or fears of it happening which is mostly caused by the media..
 
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