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