Trade Deal sends stocks to new records!
|Stocks were off to the races this morning after President Trump tweeted that the U.S. and China were “getting VERY close to a BIG DEAL.”
And just an hour into trading stocks were at record highs.
There was a bit of a pullback heading lunch. Since a deal hadn’t officially been reached and we’ve heard “getting close” before, there was some skepticism over just how close to a deal we really were.
But stocks rallied again in the afternoon after Bloomberg reported that a deal in principle was agreed upon and just waiting for the President’s signature.
This provided to be true. And after markets closed President Trump signed off on a U.S. – China trade deal that would avoid the tariffs that were scheduled to go into effect on December 15th.
The S&P and NASDAQ both finished with new record highs. The DOW made new records but pulled back and ended the day with its 2nd best close ever.
Here’s where the major indices ended the day:
- The S&P finished with a 0.9% gain. Up 27 points, the S&P ended at 3,169.
- The DOW ended higher by 0.8%. Adding 221 points, the DOW closed at 28,132.
- The NASDAQ was up 0.7%. With a 63 point gain, the NASDAQ finished at 8,717.
Crude Oil (CL) closed back above the $59 mark today. Up 0.7%, CL ended the day at $59.18.
FedEx (FDX) and General Electric (GE) were on the move today after analyst upgrades. The companies finished higher by 3.7% and 4.3% respectively.
And trade sensitive stocks like Caterpillar (CAT) jumped 1.9%, while Micron Technology (MU) finished higher by 3.5% on the trade deal news.
Facebook (FB) finished lower by 2.7% after news that the FTC is considering a preliminary injunction over antitrust concerns.
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