The US markets ended higher on Monday on renewed optimism about the completion of phase one of a US-China trade deal following comments from President Donald Trump and Chinese Vice Premier Liu He. Liu He said Washington and Beijing have laid the groundwork for success in the first phase of its attempt to carve out a resolution to its trade disagreement. China and the US have made substantial progress in many aspects, and laid an important foundation for a phase one agreement. President Donald Trump pronounced his optimism on the likelihood of a deal, saying it was coming along great. He also claimed issues in phase two of the deal would be a lot easier to work out than those in phase one. The strong corporate results reported last week also made traders hopeful as earnings season gets into full swing in the coming days.
McDonald's, Procter & Gamble, UPS, Caterpillar, eBay, Ford, Microsoft, Tesla, Twitter, Amazon, and Intel are just a few of the companies due to report their results this week. Besides, UK British Prime Minister Boris Johnson was forced to ask the European Union for a three-month extension to the October 31 deadline to exit from the trade bloc, representing the latest setback for the British leader and the country’s years long attempt to forge an orderly separation. The Germany’s economic affairs minister said he thought the EU would approve the extension request. Johnson is seeking another vote on his Brexit proposal in Parliament, but UK House of Commons Speaker John Bercow rejected his bid, saying a new vote would be repetitive and disorderly.
Dow Jones Industrial Average rose 57.44 points or 0.21 percent to 26827.64, Nasdaq gained 73.44 points or 0.91 percent to 8162.99 and S&P 500 was up by 20.52 points or 0.69 percent to 3006.72.
