US stocks continue scaling higher on easing trade fears
Major US equity indices opened with modest gains on Tuesday, with the S&P 500 and Nasdaq scaling fresh intraday records immediately after the opening bell.
Meanwhile, the blue-chip Dow Jones Industrial Average has managed to hold above the 26,000 psychological mark and is now less than 2% away from record high level of 26,616 set on Jan. 26.
Optimism over progress toward a US-Mexico bilateral trade pact to revise the North American Free Trade Agreement (NAFTA) was seen as a first step to avert a global trade war.
Easing global trade tensions boosted investors' confidence, which coupled with strong corporate earnings report remained supportive of the ongoing bullish sentiment around perceived riskier assets - like equities.
Trade-related development will remain at the forefront as negotiations with China and other major partners, including Canadian, are still to come, with the latest round of talks with China ending without any meaningful breakthrough.
At the time of writing this report, the Dow Jones Industrial Average was up over 40-points to 26,095 and the broader S&P 500 Index advanced nearly 4-points, just above the 2,900 round figure mark. Meanwhile, tech-heavy Nasdaq Composite Index climbed around 12--points and was seen building on its momentum beyond 8,000 psychological mark.
Author
Haresh Menghani
FXStreet
Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.
