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On Thursday, Wall Street shrugged off early losses because a sudden dive in retail sales affected investor hopes for progress at the everlasting US-China trade negotiations in Beijing.
As a matter of fact, the S&P 500 managed to jump a bit, staying above its 200-day moving average, which is a major technical level. As for the Nasdaq, it turned positive, and the Dow was still lower, suppressed by consumer staples as well as tariff-sensitive industrials.
All three key American stock indexes were held back by rate-sensitive financial shares because American Treasury gains went down on weaker-than-anticipated economic data.
Negotiations to defuse the everlasting tariff conflict between the world's two leading economies shifted to a higher level as US-China talks definitely progressed in Beijing ahead of the approaching March 1 deadline.
However, optimism about the trade negotiations was ruined by a report from the US Commerce Department that disclosed that in December retail sales faced their greatest dive for over 9 years.
Additionally, the Labor Department pointed to a sudden jump in unemployment claims as well as an unforeseen dive in producer prices, hinting at a deceleration in American economic activity.
Besides this, the Dow Jones Industrial Average headed south by 0.04% ending up with 25,532.05. As for the S&P 500, it surged by 0.04% too, reaching 2,754.1. The Nasdaq Composite rallied by 0.33% being worth 7,445.05.
Of the 11 key sectors in the S&P 500, five found themselves in negative territory. Consumer staples as well as financials demonstrated the greatest percentage dives.
Cisco Systems Inc managed to rally by 2.7% on the heels of a better-than-anticipated earnings report because the network gear maker derived benefits from strength in newer businesses and also neglected the impact of the US-China trade conflict.
Amazon.com slumped by 0.7%.
On Thursday, Asian stocks rallied after the major US bank took a more accommodative stance at its policy gathering, although worries over US-China trade negotiations and decelerating global surged capped broad profits and suppressed some markets…
On Wednesday, American stocks were nearly intact because market participants awaited more clarity on the Fed’s interest rate outlook for 2019, while some trade fears still persisted…
On Wednesday, Asian stocks dived because investors took profits ahead of a policy decision by the Fed, anticipated to tell more about its interest rate plans for the rest of 2019…
Safe havens such as gold and Japanese yen declined as investors sentiment was boosted by eased geopolitical tensions…
On Tuesday, the euro tacked on because market participants waited for reports on inflation and growth in the euro zone, while the Japanese yen went down after Japan’s major bank told it would be more flexible in its huge stimulus program…
On Tuesday, the evergreen buck dived because the common currency bounced off and the UK pound managed to ascend to the day’s maximums reacting to reports that British Prime Minister Theresa May is going to take control of Brexit talks…
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