Wall St. rallies on investor optimism ahead of G20 summit


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Wall St. rallies on investor optimism ahead of G20 summit

https://www.financial-world.org/news/news/investment/2336/a-boomboom-week-on-wall-st-ends-up-on-a-wail/On Thursday, the 27th of June 2019, two of three key indexes of Wall St. had edged higher, while trade sensitive Dow remained flatlined for the most part of the day, as investors had been eyeing the progresses of Sino-US trade spat at G20 summit this weekend, which had been whipsawing financial markets for about eleven months and had forced the investors to jawbone on safe-haven commodities, currencies and stocks.

Nonetheless, on Thursday (June 27th), investors’ hope was largely rekindled by a China Morning post that reported the world’s first- and second-largest economies had reached an accord on trade, however, later at the morning US trading hours, White House economic advisor Larry Kudlow’s comment had dampened outlook.

Expectations were muddled in the mud further when Kudlow said that United States might have added further tariffs on Chinese imports following this weekend’s Trump-Xi talk. Adding that Thursday’s (June 27th) trading had been a G20 pregame, chief investment officer of BNY Mellon’s Lockwood Advisors in New York, Matt Forester said, “Given the tone of today’s markets, people believe there will be some diminishment of trade tensions coming out of the meeting.

No pair of geopolitical rivals in history have had more connection to each other’s economies. There’s a lot of pressure to get this right”. Despite deepening uncertainties on trade, S&P had snapped its four-day long losing streak and added 0.38 percent to reach closer to its all-time-high of 2,924.92, while Nasdaq Composite added 0.73 percent to round off the day at 7,967.76 and trade-sensitive Dow Jones Industrial Average slightly fell by 0.04 percent to 26,526.58 at Thursday’s (June 27th) market wind-down.