The US markets ended in green with Nasdaq settling higher by over 1.30 percent. The strength on markets partly reflected easing concerns about a global trade war after President Donald Trump agreed to pause 25 percent tariffs on imports from Mexico and Canada for a month. Meanwhile, traders largely shrugged off news that China has slapped retaliatory tariffs on U.S. imports in response to a 10 percent trade duty imposed on Chinese goods. China's Finance Ministry said it will impose a 15 percent duty on imports of coal and liquefied natural gas from the U.S. In addition, there will be a 10 percent tariff on imports from the U.S. of crude oil, agricultural equipment and automobiles beginning February 10. On the sectoral front, oil stocks moved sharply higher despite a decrease by the price of crude oil, resulting in a 3.0 percent surge by the NYSE Arca Oil Index.
On the sectoral front, reflecting a steep drop by orders for transportation equipment, the Commerce Department released a report showing new orders for U.S. manufactured goods decreased by more than expected in the month of December. The Commerce Department said factory orders slumped by 0.9 percent in December after sliding by a downwardly revised 0.8 percent in November. Street had expected factory orders to fall by 0.7 percent compared to the 0.4 percent decline originally reported for the previous month. Besides, the Labor Department released a report showing job openings in the U.S. fell by much more than expected in the month of December. The report said job openings tumbled to 7.6 million in December after climbing to an upwardly revised 8.2 million in November. Street had expected job openings to dip to 8.0 million from the 8.1 million originally reported for the previous month.
Dow Jones Industrial Average rose 134.13 points or 0.3 percent to 44,556.04, Nasdaq surged 262.06 points or 1.35 percent to 19,654.02 and S&P 500 was up by 43.31 points or 0.72 percent to 6,037.88.
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