|Day's range||8,633.60 - 8,745.82|
|52-week range||6,190.17 - 8,745.82|
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
The three main indexes opened lower but quickly gained ground after Trump's statement, which comes just days before the tariffs kick in on Dec. 15. The Wall Street Journal reported that U.S. negotiators have offered to slash existing levies by as much as half on roughly $360 billion of Chinese-made goods, supporting the rise. "What Trump is saying and what China is responding to would suggest that maybe we are more at a status quo level of a detente than at further deterioration in relationships," said Willie Delwiche, investment strategist at Baird in Milwaukee, Wisconsin.
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.
Wall Street was mixed but mostly higher early Wednesday, awaiting more clarity on a hoped-for US-China trade agreement and unmoved by an uptick in consumer inflation. The Federal Reserve announcement due later Wednesday is not causing many ripples, an unusual situation given the hyper-focus normally aimed at the US central bank. The broad-based S&P 500 was up 0.2 percent to 3,138.18, as was the tech-rich Nasdaq Composite Index which edged up to 8,632.84.
The U.S. central bank said moderate economic growth and low unemployment are expected to continue through next year's presidential election. After cutting rates three times earlier this year, the Fed left its benchmark rate at the target range of between 1.50% and 1.75%, a decision that was widely expected. "You are looking at a cautiously optimistic Fed," said Karl Schamotta, chief market strategist at Cambridge Global Payments in Toronto.
US stocks closed within a whisker of record highs, buoyed on Wednesday by the Federal Reserve’s confidence in the labour market and the central bank’s projection interest rates would remain on hold through 2020. The outlook helped steady investors’ nerves, which have been tested this week by concerns the US and China may struggle to agree a phase one trade deal that would prevent a new round of tariffs on Chinese imports being imposed on December 15. The Nasdaq Composite added 0.4 per cent and the Dow Jones Industrial Average advanced 0.1 per cent.
The Federal Reserve left its policy rate unchanged at 1.5-1.75 per cent and indicated without dissent that it had no plans to make any more changes in 2020. After a two-day meeting in Washington on Wednesday, policymakers’ predictions for the likely path of the Fed’s policy rate showed a decisive shift toward a more accommodative stance over the next three years. In September, when the Fed last published its predictions, the median policy rate proposed for 2022 by participants in the Fed’s Open Market Committee was 2.4 per cent. That has dropped to 2.1 per cent.
Wall Street stocks ended modestly lower for a second straight session Tuesday as investors weighed conflicting signals on US-China trade talks. Stocks rose early Tuesday on a Wall Street Journal report that signaled a likely delay in the next round of duties, but pulled back after White House economic advisor Larry Kudlow said tariffs were still on the table. "We continue to have this he said/she said on trade," said Art Hogan, chief market strategist at National Securities.
Wall Street stocks edged lower early Tuesday as markets digested shifting signs about US-China trade talks ahead of a looming deadline for new tariffs. Equities pushed higher in pre-market trading following ...
Besides the trade deal deadline, investors are monitoring Washington politics, the North American Free Trade Agreement deal and the U.K. Brexit vote later this week.
The dollar eased and global stock markets slipped on Tuesday as uncertainty kept risk appetite in check days ahead of the Dec. 15 deadline for a new round of U.S. tariffs on Chinese imports. Investors were again torn between remarks that suggested a positive outcome to the 17-month U.S.-Sino trade war but also indicated a deal might not come until after U.S. presidential elections in November 2020. Prospects for an initial "phase one" trade deal look good, acting White House Chief of Staff Mick Mulvaney said at a Wall Street Journal event.