The Dow Jones Industrial Average hit a new record high today after the Trump administration’s National Economic Council director Larry Kudlow said China and the U.S. were getting close to reaching a trade deal.
The 30-stock average traded 103 points higher, or 0.4% at the open. The S&P 500 and Nasdaq Composite also made new all-time highs, climbing 0.4% and 0.6%, respectively.
Trade-sensitive names such as Caterpillar, Boeing, Apple and Micron Technology all rose at least 0.5%. Gold, meanwhile, fell 0.4% to $1,467.60 per ounce as safe-haven assets pulled back broadly.
Kudlow, the National Economic Council director, said Thursday that a deal between the two nations was approaching, highlighting constructive discussions with Beijing.
MacDailyNews Take: Hopefully a deal is reached that brings more balance to the U.S.-China trade equation.
I’m cognizant that in both the U.S. and China, there have been cases where everyone hasn’t benefited, where the benefit hasn’t been balanced. My belief is that one plus one equals three. The pie gets larger, working together. — Apple CEO Tim Cook, March 24, 2018
The United States is insisting that all countries that have placed artificial Trade Barriers and Tariffs on goods going into their country, remove those Barriers & Tariffs or be met with more than Reciprocity by the U.S.A. Trade must be fair and no longer a one way street!
— Donald J. Trump (@realDonaldTrump) June 24, 2018
At least half of the popular fallacies about economics come from assuming that economic activity is a zero-sum game, in which what is gained by someone is lost by someone else. But transactions would not continue unless both sides gained, whether in international trade, employment, or renting an apartment. — Thomas Sowell, June 14, 2006
Like the Mac Pro…waiting for the ever-illusive “delivery.”
Flip flop flip flop flip flop. Managing the news cycle. Zero deals accomplished by the self-proclaimed dealmaker so far. Why expect “Phase 1” to be anything more than moving the goalposts back and forth again?
https://www.cnbc.com/2019/11/08/trump-says-he-has-not-agreed-to-roll-back-tariffs-on-china-after-week-of-trade-optimism.html
Trumpers aren’t bragging about their retirement savings anymore since this administration helped blow up another republican market bubble. Of course they will blame the media on twitter for the market correction.