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Investing.com – Wall Street opened higher on Monday, as China and the U.S. agreed to put trade tariffs on hold.The S&P 500 was up 22 points or 0.82% to 2,735.25 as of 9:42 AM ET (13:42 GMT) while the Dow composite increased over 291 points or 1.18% to 25,006.94 and tech heavy NASDAQ Composite fell 72 points or 0.99% to 7,427.26.The trade war between the U.S. and China is “on hold” as the two work on a trade agreement, U.S. Treasury Secretary Steven Mnuchin said on Sunday. The two countries had been engaged in a tit-for-tat over tariff disagreements over the last few months. ...
US stocks are trading higher today following constructive US-China trade talks. Notably, US-China trade friction has been among the key factors driving markets lower this year. While broader market indices including the Dow Jones Industrial Average (DIA) are in the green today, steel stocks are taking a beating. U.S. Steel Corporation (X) and AK Steel (AKS) are down sharply. Nucor (NUE) and Steel Dynamics (STLD) are also trading lower.
Shares of General Electric Co. surged Monday, putting them on track to kick off a new bull market, as investors cheered the industrial conglomerate’s $11.1 billion deal to merge its struggling transportation business with Wabtec Corp. GE’s stock (GE) ran up 3.1% in midday trade toward a 3 1/2-month closing high, and enough to pace the Dow Jones Industrial Average’s (^DJI) gainers. Many on Wall Street define a bull market as a rise of 20% or more off a bear market low.
The United States and China held their second round of trade talks last week. In an interview with Fox News Sunday as quoted by CNBC, Treasury secretary Steven Mnuchin said, “We are putting the trade war on hold. During the company’s annual shareholder meeting, Buffett noted, “I don’t think either country will dig themselves into something that precipitates and continues any kind of real trade war.” Buffett admitted to missing out on stocks such as Google (GOOG) and Amazon (AMZN) during the meeting.
According to data provided by the United States Census Bureau, US retail sales rose 0.3% in April compared to 0.6% in March. Retail sales met the market’s expectation of a 0.3% rise.
U.S. stocks climbed on Monday after the United States and China put their trade differences "on hold" to work on a wider agreement, while sentiment was also buoyed by the nearly $28 billion worth ...
On May 11–18, US equity indexes had the following performances: The S&P Mid-Cap 400 Index (IVOO) rose 0.2%. The S&P 500 Index (SPY) fell 0.5%. The Dow Jones Industrial Average Index (DIA) fell 0.5%.
Global stock markets edged higher on Monday and the U.S. dollar rallied to a five-month peak as trade tensions eased between the U.S. and China, while Italy's borrowing costs climbed as two anti-establishment parties grew closer to power. U.S. Treasury Secretary Steven Mnuchin on Sunday declared the trade battle with China "on hold" after both countries agreed to drop their tariff threats in favor of hashing out a broader deal. "People view this trade war 'on hold' as a positive," said Robert Pavlik, chief investment strategist and senior portfolio manager at SlateStone Wealth LLC in New York.
s the trade war rhetoric between the U.S. and China cooled. The Dow traded above 25,000 on Monday for the first time since March 16. General Electric rose 3.1% after reaching an $11.1 billion deal with Wabtec Corp.
Want to know why the Dow Jones Industrial Average is doing what it's doing? The Dow Jones Industrial Average has surged 345.89 points, or 1.4%, to 25,060.98, while the S&P 500 has gained 0.9% to 2736.63 and the Nasdaq Composite has risen 0.8% to 7414.61. "Global equities are higher on news a trade war between the U.S. and China will be avoided," writes Evercore ISI strategist Dennis DeBusschere.
The U.S. trade deficit with China looks to be headed higher even if China lives up to a pledge to boost agricultural and energy imports. The U.S. ran a $375 billion deficit in goods with China last year, exporting $130.37 billion worth of goods to the Asian giant. Over the weekend, Treasury Secretary Steven Mnuchin said the U.S. has specific, “industry by industry” targets for boosting exports to China, as the agreement powered stock-market gains (^DJI) on Monday.
The index was supported by a rally in technology stocks, which rose 1.2% on the day. The mood was upbeat after Treasury Secretary Steven Mnuchin said over the weekend that the Trump administration would delay implementing tariffs on Chinese goods and “put the trade war on hold” while working out details of a deal between the countries. At the end of trade negotiations this weekend, China agreed to buy larger amounts of U.S. goods to help narrow the trade deficit between the two economies, but did not agree to the specific U.S. target of $200 billion.
Shares of General Electric Co. rallied on Monday, with the industrial conglomerate on track to close at its highest level in nearly four months and officially entering bull-market territory. It is up about 22% from its 52-week low, which officially puts the Dow component into bull-market territory, having broken out of a lengthy bear-market stretch.
Yahoo Finance's Alexis Christoforous and Jared Blikre break down the latest market action.