S&P 500 Extends Rally on Earnings Optimism and US-China Trade Resolution

S&P 500 Extends Rally on Earnings Optimism and US-China Trade Resolution

$DIA, $SPY, $QQQ, $RUTX, $VXX

US President Trump to Meet with China’s President Xi to Seal US-China Trade Deal

Thursday, President Trump said he will meet with Chinese President Xi soon to try to seal a comprehensive trade deal as the top US trade negotiator reported “substantial progress” in 2 days of high-level talks.

President Trump, speaking at the White House during a meeting with Chinese Vice Premier Liu He, said he was optimistic that the world’s 2 largest economies could reach “the biggest deal ever made.”

US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin will lead a US negotiating team going to Beijing in early February.

“I think that we have made tremendous progress. That doesn’t mean you’re going to have a deal,” President Trump added, citing “a tremendous relationship and warm feeling.”

“At this point, it’s impossible for me to predict success. But we’re in a place that if things work out, it could happen,” Mr. Lighthizer added.

President Trump said he did not think he would need to extend his 1 March deadline for raising US tariffs on Chinese goods if no deal is made.

“I think when President Xi and I meet, every point will be agreed to,” President Trump added.

“This is not going to be a small deal with China…” President Trump said.

People’s Bank of China (PBOC) Governor Yi Gang declined comment on Chinese proposals as he left the delegation’s hotel for the meetings in Eisenhower Executive Office Building, next to the White House. Asked how the talks were going, Yi flashed a thumbs-up sign.

Thursday, the major US stock market indexes finished at: DJIA -15.19 at 24999.67, NAS Comp -15.19 at 7167.40, S&P 500 +23.05 at 2704.06

Volume: Trade on the NYSE came in at 1.4-B/shares exchanged

  • Russell 2000 +11.2% YTD
  • NAS Comp +9.7% YTD
  • S&P 500 +7.9% YTD
  • DJIA +7.2% YTD

HeffX-LTN’s overall outlook for the major US stock market indexes is Neutral to Bullish in here.

Stay tuned…

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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