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  3. US markets end higher on Wednesday

US markets end higher on Wednesday

12 Sep 2019 Evaluate

The US markets ended higher on Wednesday following reports that China is granting tariff exemptions for 16 types of American-made products as a sign of goodwill ahead of the next round of trade talks. The list included varieties of animal feed such as alfalfa and fish meal, cancer drugs gefitinib and capecitabine, base oil for lubricants and lubricating grease, and some farm chemicals. The Chinese Customs Tariff Commission said the tariff suspension would take effect next Tuesday and remain in place for a year. The strength on markets also came in on optimism about new global stimulus ahead of the European Central Bank's monetary policy decision on Thursday as well as next week's Federal Reserve meeting. President Donald Trump urged the Fed to lowest interest rates to zero or less, allowing the US to refinance its debt.

On the economic data front, a report released by the Labor Department showed a modest uptick in US producer prices in the month of August. The Labor Department said its producer price index for final demand inched up by 0.1 percent in August after rising by 0.2 percent in July. Street had expected prices to come in unchanged. The slight increase in producer prices came even though energy prices tumbled by 2.5 percent in August after surging up by 2.3 percent in the previous month. Gasoline prices plummeted by 6.6 percent. Food prices also showed a notable pullback during the month, slumping by 0.6 percent in August after rising by 0.2 percent in July. Besides, wholesale inventories in the US showed a modest rebound in the month of July, according to a report released by the Commerce Department. The report said wholesale inventories rose by 0.2 percent in July after edging down by a revised 0.1 percent in June. The uptick in inventories matched Street estimates.

Dow Jones Industrial Average surged 227.61 points or 0.85 percent to 27137.04 Nasdaq gained 85.52 points or 1.06 percent to 8169.68 and S&P 500 was up by 21.54 points or 0.72 percent to 3000.93. 

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