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US stock indices rally on the basis of trading results
On Thursday, the American stock market, which started trading steeply lower on Wednesday, reversed and completed the trading session by more than 1%. It’s because market participants considered the fears of a trade war with China to be exaggerated, as USA Today informed.
The auctions were accompanied by increased volatility. The total change in the Dow Jones Industrial Average for the session exceeded 700 points: at the beginning of the session, it lost more than 510 points, but by the end it rose more than 200 points.
During the day, the Nasdaq Composite moved to the correction zone for the first time in two years, falling below the 200-day moving average.
The Dow Jones Industrial Average rose 0.96% by the end of the day, hitting 24264.30. The Standard & Poor's 500 inched up 1.16% and amounted to 2,622.69. The value of the Nasdaq Composite increased 100.83 1.45% being worth 7042.11.
On Wednesday, the Chinese authorities announced their plans to introduce 25% duties on 106 items of American goods exported to China, including such crucial export stuff as airplanes and soybeans. The decision was made in response to a plan published yesterday by the administration of the US President Donald Trump to impose a similar duty on about 1,300 Chinese exports worth $50 billion a year.
Market participants are assured that announcements of all new duties appear to be a sort of negotiating tactics of Washington and Beijing, but at the same time the coordination of much milder terms of cooperation takes place behind the scenes.
The rally affected literally all industries, although industrial companies with significant sales in China concluded the session in negative territory, including Boeing diving 1% and Deere sagging 2.9%.
Equities of Amazon.com Inc soared 1.3%, Apple added 1.9%, Alphabet ascended 1.2%.
The US NFP will be published on August 7 at 15:30 MT time.
The market sentiment is indeed risk-on today. Stocks, riskier currencies and gold are rising amid the waning US dollar.
Follow the BOE monetary policy and rate statements on August 6 at 14:00 MT time…