Wall Street close: Benchmarks snap three-day losing streak
|- Trade news headlines flipped positive for investor risk appetite.
- Dow Jones Industrial Average added 146.97 points, 0.5%, to 27,649.78.
- S&P 500 index put on 19.56 points, or 0.6%, to close at 3,112.76.
- The Nasdaq Composite Index climbed 46.03 points, or 0.5%, to end the day at 8,566.67.
had been weighing US stocks Wall Street's benchmarks were performing much better into the close on Wednesday following a three-session losing streak. Trade news headlines had been weighing US stocks and global equities but Wednesday's news published in a Bloomberg report made for a rosier outlook among investors, encouraging a flight to risk.
Subsequently, the Dow Jones Industrial Average added 146.97 points, 0.5%, to 27,649.78 while the S&P 500 index put on 19.56 points, or 0.6%, to close at 3,112.76. The Nasdaq Composite Index climbed 46.03 points, or 0.5%, to end the day at 8,566.67.
In the reports lead paragraph, Bloomberg wrote,
The U.S. and China are moving closer to agreeing on the amount of tariffs that would be rolled back in a phase-one trade deal despite tensions over Hong Kong and Xinjiang, people familiar with the talks said.
This was followed by,
The people, who asked not to be identified, said that U.S. President Donald Trump’s comments Tuesday downplaying the urgency of a deal shouldn’t be understood to mean the talks were stalling, as he was speaking off the cuff. Recent U.S. legislation seeking to sanction Chinese officials over human-rights issues in Hong Kong and Xinjiang are unlikely to impact the talks, one person familiar with Beijing’s thinking said.
US ADP jobs data disappoints
US private-sector jobs growth slowed to a six-month low in November. "The ADP National Employment data showed an increase of just 67,000 jobs, which was only about half the number expected," analysts at ANZ Bank explained, adding, "All the new jobs were in the service sector, however this sector is also slowing. The Institute for Supply Management (ISM) non-manufacturing activity index fell to 53.9 in November, down from 54.7. Manufacturing activity contracted for the fourth month in a row with new orders down to their lowest level since 2012."
DJIA levels
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