The benchmark S&P 500 stock index posted a slim gainer Tuesday as President Trump said the United States is close to signing an initial trade deal with China and lauded the economy.
The S&P 500 and NAS marked all-time highs during trading but stocks ended off session highs with investors concerned ahead of time about any comments that would worsen the tariff dispute that has convulsed markets for more than a year.
President Trump said US and Chinese negotiators were “close” to a “Phase 1” trade deal in remarks at The Economic Club of New York.
Investors have pointed to US-China trade tensions as the Key market uncertainty as stocks have climbed to record levels, fueled by rate cuts by the Fed, Q-3 earnings coming in above expectations, and signs the economy is relatively strong.
On Tuesday, the DJIA remained unchanged at 27,691.49, the S&P 500 gained 4.83 points, or 0.16%, to 3,091.84 and the NAS Comp added 21.81 points, or 0.26%, to 8,486.09.
Most S&P 500 sectors finished in the Green, with healthcare the top gainer. Real estate lagged the most, falling 0.8%.
Tuesday, the major US stock market indexes finished at: NAS Comp +21.81 at 8486.09, S&P 500 +4.83 at 3091.84
DJIA (unch) and Russell 2000 (unch).
Volume: Trade on the NYSE came in at 791-M/shares exchanged
- NAS Comp +27.9% YTD
- S&P 500 +23.3% YTD
- DJIA +18.7% YTD
- Russell 2000 +18.3% YTD
HeffX-LTN’s overall technical outlook for the major US stock market indexes is Bullish across the board with Key indicators flashing Very Bullish in here.
Tuesday’s economic data was limited to the Small Business Optimism Index for October, which improved to 102.4 from 101.8 in September. On Wednesday, investors will receive the Consumer Price Index for October, the Treasury Budget for October, and the weekly MBA Mortgage Applications Index.
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