U.S. stock indexes were higher Thursday afternoon, but off the session’s best levels which saw new intraday record highs, after President Donald Trump tweeted that the U.S. is “getting very close to a big deal with China,” signaling that tariffs set to go into effect Sunday may be avoided.
The Dow Jones Industrial Average DJIA, +0.78% was 134 points, 0.5%, higher, at 28,045, at midday, while the S&P 500 index SPX, +0.72% gained about 18 points, or 0.6% to 3,160, and the Nasdaq Composite Index COMP, +0.53% added 36 points, or 0.4%, to 8,690.
All three main stock benchmarks touched intraday highs Thursday morning.
On Wednesday, the Dow rose 29.58 points, 0.11%, Wednesday, closing at 27,911.30, the S&P 500 index closed 9.11 points, 0.29%, higher, at 3,141.63, while the Nasdaq Composite Index COMP, +0.53% rose 37.87 points, 0.44%, to 8,654.05.
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The president said on Twitter Thursday that the U.S. and China are nearing a “big deal” that could avoid fresh tariffs, planned to go in effect Dec. 15, and potentially roll back some existing duties, sending U.S. stocks to at or near record levels.
Getting VERY close to a BIG DEAL with China. They want it, and so do we!
— Donald J. Trump (@realDonaldTrump) December 12, 2019
A report from the Wall Street Journal indicated U.S. trade negotiators are offering to cancel new China tariffs and reduce existing levies on Chinese goods by up to 50% on $360 billion worth of imports.
“This has become a buy high, sell higher market, and today’s strength is related to a US-China trade deal that seems to be coming together,” Terry Sandven, chief equity strategist at U.S. Bank Wealth Management, told MarketWatch.
Wisconsin teacher placed on leave after social media post advocating to ‘make Americans great assassins again’
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Trump’s tweet followed the Federal Reserve leaving interest rates unchanged on Wednesday while expressing optimism about U.S. economic health.
Similarly, on Thursday the European Central Bank decided to keep its main deposit rate at negative 0.5%, while maintaining its rate of asset purchases at €20 billion a month, as widely expected by analysts. The ECB meeting was the first presided over by new President Christine Lagarde.
“We’re in an easy money environment, thanks to Jerome Powell, Christine Lagarde and central bankers around the world,” said Yousef Abbasi, director of U.S. institutional equities and global market strategist at INTL FCStone, in an interview.
In the U.S., “We’re not going to get any hikes in 2020 and at least for the first half of next year, the Fed is going to be buying assets hand over fist,” Abbasi added, referring to the Fed’s plan to expand its balance sheet through purchases of U.S. Treasury bills, in order to improve daily liquidity in money markets.
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Meanwhile, the U.K. is holding a general election on Thursday which will play a crucial role in determining the course of its plans to exit from out of the European Union. Recent polling figures, indicate Prime Minister Boris Johnson’s Conservative Party is most likely to win, but his lead has narrowed over the rival Labour Party, injecting some doubt into the outcome.
In U.S. economic data, new unemployment claims jumped by 49,000 to 252,000 during the week ended Dec. 7, the Labor Department said Thursday, the highest level since Sept. 2017, though the data was likely affected by the U.S. Thanksgiving holiday. Wholesale price inflation remained tame, with the producer-price index unchanged in November, with core producer prices, which strips out volatile energy and food prices, falling to a three-year low of 1.3%.
Shares of General Electric Co. GE, +4.74% gained 3.6%Thursday, after UBS analyst Markus Mittermaier upgraded shares to the equivalent of “buy” from “hold” and raised his price target to $14 from $11.50, compared with the stock’s $10.97 closing price Wednesday.
Starbucks Corp. SBUX, +2.09% stock rose nearly 2% after it was upgraded to overweight from neutral by J.P. Morgan, after a meeting with company management.
Wisconsin teacher placed on leave after social media post advocating to ‘make Americans great assassins again’
After Karoline Leavitt Calls Out Dems for Their Vile Anti-Trump Rhetoric, GOP Brings the Receipts
Newsom’s wife lashes out at Trump after he rips ’60 Minutes’ host: ‘Internalized misogyny’
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Pastor known for marriage advice arrested at rumored swingers community accused of having multiple wives
Watch: Bubba Wallace Sparks NASCAR Mega-Crash That Sweeps Up the Majority of the Field
Injured Secret Service agent fired five shots at Cole during Trump assassination attempt
Trump Calls for Jimmy Kimmel to Be ‘Immediately Fired by ABC and Disney’ After ‘Beyond the Pale’ Melania Stunt
Charles goes to Washington: King visits Trump with ‘special relationship’ at a low
WHCA dinner shooting becomes ‘make or break’ for Kash Patel
Hakeem Jeffries doubles down on ‘maximum warfare’ rhetoric, tells critics ‘I don’t give a damn’
Illegal migrant accused of NY dumpster rape captured on Texas bus as he fled toward southern border: DA
Sun-soaked Boca Bash revelers meet badge blitz as cops flood wild floating party scene
Clip of James Carville Saying He Wants Trump ‘to Suffer’ Resurfaces Following Assassination Attempt
Delta Air Lines DAL, +3.08% said Thursday it expects to generate per-share earnings of $6.75 to $7.75 in 2020 as revenue grows 4% to 6%. Shares rose 3.4% Thursday.
Southwest Airlines LUV, +1.39% said Thursday it has reached a settlement with Boeing BA, -0.54%, over the grounding of its 737 Max fleet totaling about $125 million and that it will share the money with its employees. The company’s stock rose 1.9%.
Lululemon Athletica LULU, -3.94% fell more than 5% after the apparel retailer reported an adjusted third-quarter profit below Wall Street expectations late Wednesday.
Disney + DIS, +0.30% has been downloaded 22 million times to mobile devices in what is probably the most successful launch in the nascent industry’s history, according to app-tracking firm Apptopia.Shares gained 0.1%.
Apple AAPL, +0.09% saw its China iPhone shipments fall sharply in November, according to Credit Suisse.
The yield on the 10-year U.S. Treasury note TMUBMUSD10Y, +6.19% surged 8 basis points to 1.88% as investors monitored ECB and trade developments.
Wisconsin teacher placed on leave after social media post advocating to ‘make Americans great assassins again’
After Karoline Leavitt Calls Out Dems for Their Vile Anti-Trump Rhetoric, GOP Brings the Receipts
Newsom’s wife lashes out at Trump after he rips ’60 Minutes’ host: ‘Internalized misogyny’
Mamdani’s education plan’s ‘lack of merit’ could fundamentally change student outcomes: GOP leader warns
DOJ Moves Against White House Ballroom Lawsuit in Wake of Shooting: ‘Enough Is Enough’
Pastor known for marriage advice arrested at rumored swingers community accused of having multiple wives
Watch: Bubba Wallace Sparks NASCAR Mega-Crash That Sweeps Up the Majority of the Field
Injured Secret Service agent fired five shots at Cole during Trump assassination attempt
Trump Calls for Jimmy Kimmel to Be ‘Immediately Fired by ABC and Disney’ After ‘Beyond the Pale’ Melania Stunt
Charles goes to Washington: King visits Trump with ‘special relationship’ at a low
WHCA dinner shooting becomes ‘make or break’ for Kash Patel
Hakeem Jeffries doubles down on ‘maximum warfare’ rhetoric, tells critics ‘I don’t give a damn’
Illegal migrant accused of NY dumpster rape captured on Texas bus as he fled toward southern border: DA
Sun-soaked Boca Bash revelers meet badge blitz as cops flood wild floating party scene
Clip of James Carville Saying He Wants Trump ‘to Suffer’ Resurfaces Following Assassination Attempt
West Texas Intermediate crude CLF22, -1.03% on the New York Mercantile Exchange gained 70 cents, or 1.2%, to $59.46 a barrel, after a 0.7% decline on Wednesday.
February gold GCG20, -0.32% on Comex fell $1.50, or 0.1%, to $1,474 an ounce, with the metal on track for a third gain in a row.
The U.S. dollar, as measured by the ICE U.S. Dollar Index DXY, +0.08%, was virtually unchanged at 97.44, against a basket of a half-dozen currency peers.
In Europe, the Stoxx 600 Europe index SXXP, +0.33% was trading 0.3% higher at 407.58.
Story cited here.
