US markets end higher on optimism about progress in US-China trade talks

12 Oct 2019 Evaluate

The US markets ended higher with gains of over one percent on Friday as traders expressed continued optimism about US-China trade talks, with President Donald Trump announcing that the two economic superpowers have reached a very substantial phase one deal. Trump said the deal includes up to $40 to $50 billion in Chinese purchases of US agricultural products as well as Chinese concessions on intellectual property and financial services. In exchange for the concessions by China, the US has agreed to hold off on an increase in tariffs originally scheduled for next week. Trump said the agreement will take about three weeks to write and would likely be signed by both sides by the Asia-Pacific Economic Cooperation summit in Chile in November.

On the economic data front, a report released by the Labor Department showed an unexpected increase in US import prices in the month of September, although the report also showed an unexpected decrease in export prices. The Labor Department said import prices rose by 0.2 percent in September after dipping by a revised 0.2 percent in August. Street had expected import prices to come in unchanged compared to the 0.5 percent drop originally reported for the previous month. Meanwhile, the report said export prices slipped by 0.2 percent in September after sliding by 0.6 percent in August. Export prices had also been expected to come in unchanged.

Besides, with consumers anticipating larger income gains and lower inflation during the year ahead, the University of Michigan released preliminary data unexpectedly showing a continued improvement in US consumer sentiment in the month of October. The report said the consumer sentiment index climbed to 96.0 in October after rising to 93.2 in September. The continued increase surprised participants, who had expected the index to drop to 92.0. The consumer sentiment index continued to recover after plummeting to a nearly three-year low of 89.8 in August.

Dow Jones Industrial Average rose 319.92 points or 1.21 percent to 26816.59, Nasdaq gained 106.27 points or 1.34 percent to 8057.04 and S&P 500 was up by 32.14 points or 1.09 percent to 2970.27.

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