$DIA, $SPY, $QQQ, $RUTX, $VXX
The US market spiked on reports that the US is considering lifting tariffs on China imports during trade negotiations.
US Treasury Secretary Steven Mnuchin has discussed the lifting some or all tariffs imposed on Chinese imports and suggested offering a tariff rollback during trade discussions scheduled for 30 January.
But Trade Representative Robert Lighthizer has resisted the idea, and it is said that the proposal had not yet been introduced to President Trump.
A Treasury spokesman denied the repor saying, “Neither Secretary Mnuchin nor Ambassador Lighthizer have made any recommendations to anyone with respect to tariffs or other parts of the negotiation with China.”
Chinese Vice Premier Liu He will visit the United States on 30-31 January for the latest round of trade talks aimed at resolving the trade dispute between the world’s 2 largest economies.
The Trump Administration is scheduled to increase tariffs on $200-B worth of Chinese goods from 10% to 25% on 2 March.
The news drove the S&P 500 from a gainer of 0.2% to a gainer of 1.1%. It also sent the benchmark index well above its 50-Day MA at 2626.72 for the 1st time since 4 December 2018, and finishing the session at 2635.92.
Thursday, the major US stock market indexes finished at: DJIA +162.94 at 24370.10, NAS Comp +49.77 at 7084.48, S&P 500 +19.86 at 2635.92
Volume: Trade on the NYSE came in at 914-M/shares exchanged
- Russell 2000 +8.8% YTD
- NAS Comp +6.8% YTD
- S&P 500 +5.2% YTD
- DJIA +4.5% YTD
HeffX-LTN’s 3 Key technical indicators for the major US stock market indexes have turned Bullish to Very Bullish in here.