US stocks extend rally on trade developments, ECB stimulus measures
Tech gains led the S&P 500 and the NAS Comp higher, while financials gave the biggest boost to the blue-chip DJIA, which closed up for the 7th session running, its longest winning streak since May.
Stocks rose worldwide as China and the United States made concessions ahead of next month’s planned talks in Washington, aimed at easing a trade war that has whipsawed markets and stoked recession fears for months.
President Trump agreed to delay increased tariffs on billions worth of Chinese goods for 2 weeks after China exempted tariffs on a basket of US imports and promised to buy more US agricultural products. which they did, in 10 boatloads of US Soybean.
Investor confidence got a boost from the European Central Bank (ECB), which promised continued stimulus to the ailing Eurozone economy through asset purchases.
Fed is expected to cut Key interest rates by at least 25 basis points next week, a move intended to head off signs of US economic softening.
Thursday, the major US stock market indexes finished at: DJIA +45.41 at 27182.43, NAS Comp +24.79 at 8194.50, S&P 500 +8.64 at 3009.57
Volume: Trade on the NYSE came in at 853-M/shares exchanged
- NAS Comp +23.5% YTD
- S&P 500 +20.1% YTD
- DJIA +16.5% YTD
- Russell 2000 +16.8% YTD
HeffX-LTN’s overall technical outlook for the major US stock market indexes is Bullish across the board with a Very Bullish bias in here.