Wall Street surged on Tuesday and the S&P 500 approached a record high after Washington rekindled trade talks with Beijing, boosting sentiment along with growing investor confidence that the Fed will cut interest rates this year.
U.S. President Donald Trump said he would meet with Chinese President Xi Jinping at the G20 summit later this month, and said talks between the two countries would restart after a recent lull… Trump’s statement on Tuesday pushed trade-sensitive industrials up 1.9% and technology stocks gained 1.7%. Together, they were the biggest boost to the benchmark index.
The Dow Jones Industrial Average jumped 1.35% to end at 26,465.54 points, while the S&P 500 gained 0.97% to 2,917.75. The Nasdaq Composite surged 1.39% to 7,953.88… Apple Inc, Amazon.com Inc and Microsoft Corp rose between 0.8% and 2.4%, with the tech triumvirate contributing more than any other stocks to increases in the S&P 500 and Nasdaq.
MacDailyNews Take: Good day for AAPL. Knocking on the psychological barrier of $200 once again.