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Dow Jones Surges as Wall Street Progress in US-China Trade Talks

Amandeep Sonewane | Dec. 11, 2018
Dow Jones Surges as Wall Street Progress in US-China Trade Talks

December 11, 2018 AtoZ Markets  - On Monday, the Dow Jones Industrial Average surged 0.14% to 34.31, to end at 24,423.26 levels while the S&P 500 SPX has gained 0.18% to 2,637.72 and the Nasdaq Composite Index has climbed +0.74% or 51.27 points to close at 7,020.52 mark.

Gains came after losses that earlier had left the Dow down more than 500 points, the S&P off 50 points and the Nasdaq down 81 points. The S&P 500 closed 1.9% above its intraday low, its biggest such bounce since Feb. 6; the Dow closed 2.1% above its session low for its biggest intraday, upside reversal since April 4, according to Dow Jones Market Data.

Wall Street Overview

Today, the US benchmark stocks opened sharply higher on Tuesday as the back-and-forth trade battle between the U.S. and China took a step forward after leaders from both sides launched formal talks. The Dow Jones Industrial Average DJIA, +1.19% opened 1.3%, the S&P 500 SPX, +1.32% began the session up 1% and the tech-heavy Nasdaq Composite Index COMP, +1.45% was up 1.4%. On the data calendar, the NFIB small business optimism index for November fell to 104.8 from 107.1, its lowest level since May.

According to some sources, U.S. Trade Representative Robert Lighthizer said that the trade talks with China must be completed by March 01, 2019 or the tariffs will be either accelerated. 

"As far as I am concerned it is a hard deadline. When I talk to the president of the United States, he is not talking about going beyond March. The way this is set up is that at the end of 90 days, these tariffs will be raised."

Donald Trump said in a tweet that conversations with China were very productive. This positive talks gives a green signal to the stocks on the wall street.

Meanwhile, U.K. Prime Minister Theresa May was left fighting for her political life Tuesday as she began a series of 11th-hour pleas to EU leaders for further assurances on a Brexit deal that has little support at home and little desire from change from Brussels. May called off a key parliamentary vote on Brexit that was scheduled for Tuesday because she knew the deal would have been rejected.

The Producer Price Index for November rose 0.1%, topping economists' estimates that called for no change in wholesale inflation. Core PPI, which strips out food and energy costs, rose 0.3%. PPI over the past year slowed to 2.5% from 2.9%.

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Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.