Wall Street bounces on Trump striking a more upbeat tone on US-China trade negotiation
|
- The Dow Jones Industrial Average (DJIA), climbed around 207 points, or 0.8%, to finish near 25,532.
- The S&P 500 ended around 23 points higher, up 0.8%, near 2,834.
- The Nasdaq Composite rose around 87 points, or 1.1%, closing near 7,735.
Yesterday’s risk-off tone partially retraced while Trump struck a more upbeat tone on US-China trade negotiations. U.S. Stocks ended the day on a comeback, albeit below the session's highs, recovering the majority of the prior day's route which had marked the biggest one-day fall for the S&P 500 and Dow Jones Industrial Average since the start of the year. On Tuesday, the Dow Jones Industrial Average (DJIA), climbed around 207 points, or 0.8%, to finish near 25,532. The S&P 500 ended around 23 points higher, up 0.8%, near 2,834 while the Nasdaq Composite rose around 87 points, or 1.1%, closing near 7,735. The rebound on Tuesday followed President Donald Trump playing down the trade dispute, which he described as just a "little squabble."
Trump's shift in tone on trade talks buoyed risk markets this morning, after the President noted his sentiment that the talks may be "very successful".
DJIA levels
Technically, a close below the 200 4hr SMA was needed, 25280, to open the 24800 gap area (127.29% Fibo). Instead, the bulls ran through the 25500 target but fell just shy of the 29. March lows at 25771, meeting the 61.8% Fibo. So long as 25370, bulls can target a run towards the topside of the channel and said 61.8% Fibo target ahead of 26000. However, MACD and stochastics lean bearish and a break to 25200s guard a run to 24500s and then 50% of the upside run made at the end of Dec at 24150.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.