On Monday, the 10th of June 2019, the US stocks extended their gains and the Dow Jones Industrial Average posted its longest winning streak in 13 months, after the United States had stalled its plan of imposing a higher tariff on all Mexican imports, which in effect might have prompted Mexico to impose retaliatory tariffs on US goods.
Nonetheless, news of a couple of good deals and relief of Mexico tension had bolstered investors’ optimism considerably and all three key indexes of Wall St. had wrapped up the day in a positive territory. Last week, Mexican negotiators had reached an accord with United States on illegal immigrant issued that averted an imminent trade spat on another front amid an exasperated trade spat with China, while a bunch of good deals including the merger of United Technologies and Raytheon at a $121 billion giant deal had buoyed market sentiment.
Labelling Monday’s (June 10th) Wall St. gain as a part of a Mexico relief rally, a portfolio manager at Kingsview Asset Management in Chicago, Paul Nolte said, “All it is, is a relief rally that we don’t have tariffs with Mexico.
Heaven forbid the Fed sits on its hands next week and does nothing”. Citing statistics, on Monday (June 10th) market wind down, Dow rose by 0.3 percent to 26,062.68, Standard & Poor gained 0.47 percent to 2,886.73, while Nasdaq Composite added 1.05 percent to 7,823.17.