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On Thursday, key Wall Street indices closed up underpinned by the financial sector because market participants shifted attention to quite upbeat economic data, while worries about trading receded. At the same time, the Nasdaq index concluded at a record maximum for the third consecutive trading session.
On Thursday, White House Chief Economic Adviser Larry Kadlow told that Donald Trump is going to meet with French President Emmanuel Macron as well as Canadian Prime Minister Justin Trudeau this week at the G7 summit.
However, Kadlow stressed that Trump isn’t going to give up his strict stance on trade, although his comments seem to have reassured traders.
The previous week Trump rolled out tariffs at a rate of 25% on steel as well as 10% on aluminum from Canada, Mexico and the European Union. By the way, Mexico responded by imposing duties on US products - from whiskey to pork and steel.
The Dow Jones concluded the trading marathon +1.4% hitting 25,146.39. The S&P 500 index managed to grow by 0.86% coming up with a reading of 2.772.35. The Nasdaq Composite index soared by 0.67% demonstrating a reading of 7,689.24.
The revenue of the 10-year American Treasury bonds approached a two-week maximum after data indicating a sudden slump in the American trade deficit to a low of seven months in April that strengthened confidence in accelerating GDP surge in the second quarter.
The financial sector of S&P tacked on by about 1.8%, thus becoming the key driver of surge in the S&P 500 index because of the surge of bank securities as well as revenue of government bonds.
Additionally, Facebook shares dived 0.8% after the company officially confirmed that it’s broadly cooperating with up to four Chinese companies in terms of exchanging user data.
On Wednesday, American stock index futures headed south because dismal data out of China affected market sentiment, while traders waited for more developments related to the US-China trade conflict…
On Wednesday, Italian stocks led losses in the European Union right after the country's deputy prime minister told that Rome considers breaking EU fiscal rules, thus masking early revenue powered by optimism around the US-China trade conflict…
On Tuesday, another US-China tariff conflict escalation put pressure on Asian stocks, although remarks from American leader that he expects trade talks to be successful backed market sentiment…
In July, Britain's inflation rate rallied for the first time in 2018, thus leaving many UK households feeling quite squeezed by prices, soaring at nearly the same tempo as their wages…
On Friday, the evergreen buck rallied versus its counterparts after data disclosed that the American economy generated more jobs than anticipated In October, thus backing the Fed’s case to proceed with gradual rate lifts…
On Monday, gold declined because the evergreen buck managed to gain early traction, thus putting pressure on the most popular precious commodity, which has been sticking with the year’s minimums…
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