On Tuesday, the 13th of August 2019, all three key indexes of Wall Street experienced a stringent upsurge after Washington had announced that it would be delaying 10 percent tariff hike on certain China-made products due to Christmas sales.
Aside from a soothing comment of US Office of Trade Representative, media reports of resumption of a Sino-US trade talk had brought investors back to the equity markets. Besides, followed by a softer US stance on China on Tuesday (August 13th), frets of an imminent recession catalyzed by Sino-US trade conflict alongside an easing of global growth concerns added to investors’ optimism.
Adding that latest progresses in US stocks would likely to be shortlived over the narratives of a lower wage growth and higher consumer spending alongside a ramped-up debt-pile, a chief investment strategist and senior portfolio manager at Slatestone Wealth LLC in New York, Robert Pavlik said, “The bargain hunters stepped in after that announcement.
You really don’t know where any of this is headed, Pavlik added. “If these (trade) talks don’t show some progress, people are worried what it may bring: rising costs and a global slowdown. ” Quoting statistics, on Tuesday’s (August 13th) market closure, Dow Jones Industrial Average soared 1.44 percent to 26,279.91, Standard & Poor 500 gained 1.48 percent to 2,926.32, while leading the bulls on Tuesday’s (August 13th) market, Nasdaq posted a gain of just a notch shy of 2 percent to 8,016.36.