|Day's range||3,138.47 - 3,176.28|
|52-week range||2,346.58 - 3,176.28|
Stocks resurged Thursday afternoon after Bloomberg reported that U.S. negotiators had reached terms of a phase one trade deal that now awaits approval from President Donald Trump
Fed Chairman Jerome Powell said Wednesday that the Fed could "adjust the details" of its balance sheet policies and repo operations to prevent another flare-up in money markets.
The S&P 500 index and Nasdaq closed at all-time highs Thursday after stocks climbed on fresh optimism that the U.S. and China are close to reaching a deal in their costly trade war. The Nasdaq gained 63.27 points, or 0.7%, to 8,717.32. The Nasdaq is up 60.79 points, or 0.7%.
Stocks were boosted in the morning when President Donald Trump tweeted that the United States was close to a deal ahead of Sunday, when a new round of tariffs on Chinese goods has been set to go into effect. Wall Street has focused on the new round of tariffs, hopeful they would at least be delayed as the world's two largest economies make progress on an initial trade deal. The Dow Jones Industrial Average rose 220.75 points, or 0.79%, to 28,132.05, the S&P 500 gained 26.94 points, or 0.86%, to 3,168.57, and the Nasdaq Composite added 63.27 points, or 0.73%, to 8,717.32.
Stock markets rally during the trading session on Thursday, based upon a tweet by Pres. Donald Trump that a deal with China was very close. We have seen this movie before.
The S&P 500, Dow Jones Industrials and the Nasdaq opened lower then reversed after Trump's statement, which comes just before tariffs are due to go into effect on Sunday. The Wall Street Journal reported U.S. negotiators have offered to slash existing tariffs by as much as half on roughly $360 billion of Chinese-made goods, supporting the bounce.
Investing.com - The major stock indexes urged to new intraday highs, and the S&P; 500 and Nasdaq Composite indices closed at new records on reports that the United States and China have "an agreement in principle" on a phase one trade deal.
Investing.com – Stocks pushed higher Thursday afternoon on reports the United States and China have mostly agreed on a phase one trade deal.
The S&P 500 and Nasdaq closed at all-time highs Thursday on renewed optimism that the U.S. and China are close to reaching a deal in their costly trade war. Financial, technology and health care stocks powered much of the rally, which gave the S&P 500 its second straight gain and erased its losses from earlier in the week. Bond yields surged and real estate companies, utilities stocks and household goods makers fell as investors shifted money away from safe-play investments.
Investing.com -- U.S. negotiators are preparing to offer to cancel the next round of import tariffs on Chinese goods and cut existing tariffs in return for guaranteed purchases of U.S. agricultural goods, the Wall Street Journal reported Thursday, citing people familiar with the matter.
Global shares were mixed Thursday after central banks in Europe and the U.S. said they will leave interest rates unchanged for the time being. Investors are still waiting for a breakthrough in U.S.-China trade talks while monitoring Britain's national election Thursday, which will likely determine if the United Kingdom pushes ahead with its departure from the 28-nation European Union. Britain's FTSE 100 rose 0.5% to 7,252, while France's CAC 40 and Germany's DAX were both flat in midday trading in Europe.
The options-based Black Swan index may be signaling surging demand from investors for protection against a stock market crash, but Wall Street analysts see little reason to panic. It tracks the implied volatility of deep out-of-the-money options - that is, contracts that need a large move in the market before they come into play - on the S&P 500 . The gauge is also known as the Black Swan index, a reference to the book "Black Swan" by former options trader Nassim Nicholas Taleb that looks at the potentially catastrophic effects of unpredictable events.
The U.S. Federal Reserve on Wednesday held interest rates steady and signaled borrowing costs will not change anytime soon, with moderate economic growth and historically low unemployment expected to persist through the 2020 presidential election. In its final policy meeting of a tumultuous year, when it was spurred to cut interest rates three times to forestall a slowdown fueled largely by President Donald Trump's trade war, the U.S. central bank struck a remarkably sanguine tone, confident the actions it had taken so far are working. "Our economic outlook remains a favorable one, despite global developments and ongoing risks," Fed Chair Jerome Powell said in a news conference shortly after the release of the latest policy statement and new quarterly economic projections.
MSCI's global stock index hit a record high on Thursday and the U.S. dollar gained along with U.S. Treasury yields after reports the United States has reached in principle a "phase one" trade deal with China. Citing two people familiar with the trade negotiations, Reuters reported that the United States had offered to cut existing tariffs on Chinese goods by as much as 50%, and to suspend new tariffs due to kick in Sunday with an aim to securing a deal. While the U.S. stock trading session ended without official confirmation of a deal, President Donald Trump had encouraged investor appetites for risk early in the day after he said the countries were "very close." This also pushed safe-haven gold prices lower while oil futures gained.
Wall Street stocks edged higher Wednesday as the Federal Reserve kept interest rates unchanged while investors awaited news on trade talks. The Fed, as expected, made no change to interest rates after cutting the last three meetings in an effort to maintain solid economic growth. Fed Chair Jerome Powell said the US outlook "remains favorable despite global developments and ongoing risks" as he described the grinding US-China trade war as a drag on global growth.
Based on the early price action and the current price at 3135.00, the direction of the December E-mini S&P; 500 Index into the close on Wednesday is likely to be determined by trader reaction to a pair of downtrending Gann angles at 3144.00 and 3130.00.
The S&P; 500 has sat relatively quiet over the last couple of days as we await the FOMC and of course the US/China trade deal. The December 15 deadline is this Sunday, and therefore everybody is standing on pins and needles.