Wall Street Bets Yes, President Trump’s America First Policy Working
$DIA, $SPY, $QQQ
Friday, US stocks rose as investors bet on progress in US-China trade meeting Saturday, and the S&P 500 and the Nasdaq posted their biggest weekly percentage gains in almost 7 years.
DJIA saw its largest weekly advancer in 2 years, as investors were encouraged this week by comments by Fed Chairman Powell and subsequent FOMC mins from the latest meeting suggested that the Fed will take a data-driven rather than ideological approach to future rate-hikes aka Dovish.
All 3 major US stock market indexes recorded monthly percentage gainers in November.
A Chinese official said “consensus is steadily increasing” in trade negotiations between the US and China as the G-20 meeting got underway in Buenos Aires, fueling hopes there will be a positive resolution in the ongoing tariff dispute between the world’s 2 largest economies.
US President Donald Trump is set to meet with China’s President Xi Jinping Saturday and the outcome could drive a equity rally for the rest of the year and into January 2019.
The 3 Key issues that people are really focusing on the following;
- How dovish is the Fed going to be going forward
- How are trade relations with China going to play out, and
- What is going on in the Crude Oil markets.
We have been get better news since last Friday, that has helped lift the markets, and that is why we saw a week like this 1 that ended Friday on a high note.
On the Day
The DJIA rose 199.62 pts, or 0.79%, to 25,538.46, the S&P 500 gained 22.4 pts, or 0.82%, to 2,760.16 and the NAS Comp added 57.45 pts, or 0.79%, to 7,330.54.
Of the 11 major sectors in the S&P 500, all but energy .SPNY ended the session in positive territory.
Energy stocks fell 0.2% as Crude Oil prices (LCOc1) extended their slide.
But falling Crude Oil prices boosted airlines stocks, as the Dow Jones Airlines index .DJUSAR rose 2.8%.
Advancing issues outnumbered decliners on the NYSE by a 1.17-to-1 ratio; on NAS Comp, a 1.24-to-1 ratio favored advancers.
The S&P 500 posted 28 new 52-week highs and 6 new lows; the NAS Comp recorded 49 new highs and 90 new lows.
Volume: US exchanges volume was 8.39-B/shares (heavy), compared to the 7.63-B/shares average for the full session over the last 20 trading days.
Have a terrific weekend
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