$DIA, $SPY, $QQQ, $RUTX, $VXX
FLASH: A US trade delegation, which included USTR Robert Lighthizer and Treasury Secretary Steven Mnuchin, arrived in Beijing for a two-day meeting on Thursday. Reuters reported Wednesday evening that Chinese negotiators made “unprecedented” proposals on a range of issues including forced technology transfers. Despite the progress, the market continues to wait for a substantive, final trade deal.
Traders brushed off a discouraging US economic picture.
The Commerce Department said US economic growth slowed sharply in Q-4 of Y 2018 to an annual rate of just 2.2%, reflecting weakness in consumer spending, business investment, government spending and housing.
Economists believe growth has slowed further in the current Quarter due to weaker growth prospects in China and Europe, the dampening effects on US exports from The Trump Administration’s trade battles and the waning boost from the Y 2017 tax cut and government spending.
The more downbeat outlook for economic growth has prompted the Fed to signal that it plans to keep its benchmark interest rate on hold this year and into Y 2020.
Looking ahead, investors are focused on several potential market-moving developments.
Chinese and US trade negotiators are preparing for the latest round of talks aimed at ending a tariff dispute between the world’s 2 biggest economies. And in the United Kingdom, the countdown to Britain’s departure from the EU loomed Friday.
In addition, the next big wave of corporate earnings kicks into gear in mid-April, traders are optimistic.
Thursday, the major US stock market indexes finished at: DJIA +91.87 at 25717.46, NAS Comp +25.79 at 7669.15, S&P 500 +10.07 at 2815.44
Volume: Trade on the NYSE came in at 757-M/shares exchanged
- NAS Comp +15.6% YTD
- Russell 2000 +13.8% YTD
- S&P 500 +12.3% YTD
- DJIA +10.3% YTD
HeffX-LTN’s overall technical outlook for the major US stock market indexes is Bullish in here
Latest posts by Paul Ebeling (see all)
- President Trump Signs Off on Trade Deal With China, Wall Street Marks Fresh Record Highs - December 12, 2019
- Support Your GI Tract from Top to Bottom - December 12, 2019
- The Street’s Key Stock Analysts Research Report - December 12, 2019