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U.S. stocks climb to new records after Washington said it reached an accord with China to lift each other’s import tariffs in phases.

While the liberals continue their witch hunt of President Trump and the Impeachment Inquiry, Trump continues to work hard and improve America. He has the lowest unemployment rate, best GDP and and the stock market continues to have record highs. You may not like Trump’s personality, but you have to love his policies and what he is doing for all Americans. And that is what counts.

What’s driving the market?

Major U.S. stock indexes have been setting new records in recent sessions, with investors encouraged by reports of progress on an interim trade deal between the U.S. and China.

Early Thursday Bloomberg reported China and the U.S. will cancel planned tariffs on each other’s products in stages, with the first agreement due to be signed in the next few weeks. The amount of tariff relief that’s coming will depend on what’s in that deal, said Ministry of Commerce spokesman Gao Feng, according to the South China Morning Post. By early afternoon, a U.S. official confirmed the agreement.

“Certainly the mood keeps getting better on trade,” said Bruce Bittles, chief investment strategist at Robert W. Baird & Co., in an interview. “The reason that is important is because the global economy looked like it was moving toward recession due to the trade war. So the fact that we’re moving closer to some sort of deal, I think the markets are celebrating.”

“In addition, perhaps the European economy, Japan and even China, maybe, have bottomed here, in terms of their economies weakening,” he added,

Investors were also eyeing developments in Europe, after the European Central Bank issued an update on economic and monetary developments that predicted sluggish but positive economic growth in the second half of 2019.

In U.S. economic data, the Labor Department estimated that 211,000 Americans filed new unemployment claims in the week ended Nov. 2, a one month-low and below the 215,000 predicted by economists polled by MarketWatch.

“We haven’t seen a list of what products would be impacted,” said Robert Pavlik, chief investment strategist at SlateStone Wealth, but added that industrials, the tech sector, semi conductors and companies doing business overseas were all benefitting from fresh optimism on the trade front.

“What you have is a market that’s essentially at all time highs,” he told MarketWatch.

By

CHRISMATTHEWS

MARKETS REPORTER

Read the entire article here: Dow, S&P 500 and Nasdaq hit record levels after China, U.S. agree to cancel tariffs in stages

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