US markets end mostly higher on trade deal optimism

06 Nov 2019 Evaluate

The US markets ended mostly higher on Tuesday, with the Dow Jones Industrial Average and Nasdaq ending the day at record highs, amid continued optimism about a potential US-China trade deal, with President Donald Trump and Chinese President Xi Jinping widely expected to sign phase one of an agreement sometime this month. As part of the deal, the US is likely to scrap tariffs on about $156 billion worth of Chinese imports currently set to take effect on December 15. A private report said the US is also considering China’s request to lift the 15 percent tariff on about $125 billion worth of Chinese goods that went into effect on September 1. Besides, the strength on markets also came as investors welcomed better-than-expected data on the service sector. The Institute for Supply Management (ISM) said its non-manufacturing index climbed to 54.7 in October from 52.6 in September, with a reading above 50 indicating growth in the service sector. Street had expected the index to inch up to 53.2.

The bigger than expected increase by the headline index came as the business activity index rebounded to 57.0 in October from 55.2 in September and the new orders index jumped to 55.6 from 53.7. The employment index also showed a notable increase, surging up to 53.7 in October from 50.4 percent in September and indicating a reacceleration in the pace of job growth in the service sector. Meanwhile, a report released by the Commerce Department showed the US trade deficit narrowed in the month of September, as the value of imports slumped by more than the value of exports. The Commerce Department said the trade deficit narrowed to $52.5 billion in September from a revised $55.0 billion in August. The narrower deficit matched Street estimates. The deficit shrank as the value of imports tumbled by 1.7 percent to $258.4 billion in September after climbing by 0.5 percent to $262.9 billion in August. The report showed a steep drop in imports of consumer goods, including cell phones and other household goods, as well as notable decreases in imports of capital goods and automotive vehicles, parts, and engines.

Dow Jones Industrial Average rose 30.52 points or 0.11 percent to 27492.63 and Nasdaq gained 1.48 points or 0.02 percent to 8434.68, while S&P 500 was down by 3.65 points or 0.12 percent to 3074.62.

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