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  3. US markets closed higher as China soothes trade fears

US markets closed higher as China soothes trade fears

11 Apr 2018 Evaluate

The US markets closed higher on Tuesday, thanks to a less-aggressive stance on trade taken by Chinese President Xi Jinping. Xi’s conciliatory comments on tariffs helped to ease concerns about an escalating conflict between the world’s two largest economies, sending prices of risky assets such as global equities and commodities higher. He also talked about a cut in tariffs on car imports and an improvement in protection of intellectual property, among other measures. While many of the measures had been previously touted by Xi, investors cheered the lack of any escalation in rhetoric. On the economy front, the index of small-business optimism from the National Federation of Independent Businesses fell to 104.7 in March. The confidence index roared higher early in the year, and despite a decline of nearly three points, remains among the highest in survey history. The fewest survey respondents since 1982 said taxes were their number one business problem.

Meanwhile, US wholesale prices accelerated in March to show a 0.3% increase despite lower energy costs, suggesting inflationary pressures in the US have become more widespread. The 12-month rate of wholesale inflation, meanwhile, rose to 3% for the first time since November and only the second time since the government reformulated its PPI index in 2013. The wholesale cost of services such as medical care, cable TV and plane travel all rose sharply last month and accounted for most of the increase in the PPI. Wholesale cable costs rose 3.6%, the biggest increase since the government began keeping track in 2009. The cost of wholesale goods also increased even as energy costs declined. Food prices posted the biggest increase since 2014.

The Dow Jones Industrial Average added 428.9 points or 1.79 percent to 24,408.00, the Nasdaq gained 143.957 points or 2.07 percent to 7,094.30, while the S&P 500 was up by 43.71 points or 1.67 percent to 2,656.87.

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