Wall Street Not Worried About President Trump’s Trade Policy

Wall Street Not Worried About President Trump’s Trade Policy

Wall Street Not Worried About President Trump’s Trade Policy

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

Wall Street finished higher Tuesday in a broad-based rally as investors brushed aside trade rhetoric between the United States and China showing no fear, only cheer.

All 3 major U.S. indexes closed higher following Monday’s pause to refresh.

Late Monday, US President Donald Trump announced that 10 percent tariffs on $200-B in imports from China would go into effect next week, escalating the trade dispute between the world’s 2 largest economies.

China responded Tuesday by unveiling 10% tariffs on about $60-B of US goods effective 24 September that will have little effect on US consumers.

There’s much more pressure on the Chinese to reach a deal than there is on the United States, President Trump has the leverage.

Tech stocks were bolstered by news that Apple Inc (AAPL) and fitness gadget-maker Fitbit Inc (FIT) would escape the tariffs. Apple shares closed up 0.2% while Fitbit shares rose 6.4%.

Trade-sensitive industrials .SPLRCI gained ground, with Boeing Co (BA) ending 2.1% higher. The planemaker led the DJIA advance.

The energy sector advanced 0.7% as Crude Oil prices rose on signs that OPEC may not not prepared to boost output to address shrinking supplies from Iran.

Among losers, Tesla Inc (TSLA) sank 3.4% after disclosing that it had received a request for documents from the US Department of Justice regarding Chief Executive Elon Musk’s public statements about taking the company private, there is now a criminal probe underway at Tesla, Inc

Tuesday, the US major stock market indexes finished at: DJIA+184.84 at 26246.96, NAS Comp +60.32 at 7956.11, S&P 500 +15.51 at 2904.31

Volume: Trade on the NYSE came in at 709-M/shares exchanged

  • NAS Comp +15.3% YTD
  • Russell 2000 +11.4% YTD
  • S&P 500 +8.6% YTD
  • DJIA +6.2% YTD

HeffX-LTN US Major Stock Market Indexes Technical Analysis

Date Symbol Price Technical Analysis Support Resistance
18 September 2018 QQQ 183.05 Bullish (0.30) 182.81 186.74
18 September 2018 DIA 262.46 Very Bullish (0.53) 261.24 264.67
18 September 2018 SPY 290.43 Bullish (0.36) 288.44 291.48

 

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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