S&P 500 approaches record high on trade progress, upbeat Intel earnings


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S&P 500 approaches record high on trade progress, upbeat Intel earnings

On Friday, the 25th of October 2019, US stock indices logged robust gains on China trade deal optimism after USTR’s office of Robert Lighthizer had told that it was close to finalizing parts of “Phase One” trade agreement with China, while investors’ sentiment added further bullish wing following an upscaled quarterly result from US chipmaker Intel Corp., propelling the benchmark Standard & Poor 500 closer to its all-time closing high of 3,025.86, reached on July 26th this year.

In point of fact, all three key indexes of Wall St. opened the day higher after USTR’s statement over progress on Sino-US trade deal alongside US President Donald Trump’s comment that China “wanted to make a deal very badly,” while S&P 500 had briefly spiked at 3,027.39 during late-morning US trading hours, surpassing its all-time record closing high, however ended the day 0.41 per cent higher at 3,022.55.

Meanwhile, referring to a US market which has been witnessing a flurry of upward drives out there including positive trade news and a raft of robust earnings’ reports, a senior portfolio manager at Morgan Stanley Investment Management in New York, Andrew Slimmon said on Friday’s (October 25th) Wall Street wrap-up, “The little bit of positive trade news has pushed the market up, but it wasn’t all that negative even before this news came up.

There’s not a lot of selling left out there. ” Quoting statistics, on Friday’s (October 25th) Wall St. closure, Dow added 0.57 per cent to 26,958.06 and S&P rose 0.41 per cent to 3,022.55, while Nasdaq gained 0.70 per cent to round off Friday’s (October 25th) market at 8,243.12.