Trade deal, Fed rate-cut optimism soars S&P 500 to record closing high


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Trade deal, Fed rate-cut optimism soars S&P 500 to record closing high

On Monday, the 28th of October 2019, benchmark Standard & Poor 500 had breached its all-time record closing high, while Nasdaq wrapped up the day just a notch shy of its lifetime high reached during late July, as a more civilized voice over a Sino-US trade agreement alongside a possible Fed rate-cut as early as this month following a flurry of dismal economic data pouring disdain over global economy had added to investors’ optimism.

Besides, Microsoft Corp. gained 2.46 per cent on Monday (October 28th) after beating Amazon.com Inc. to win a $10 billion Pentagon contract on cloud computing, while analysts and economists were quoted saying that Amazon.com Inc.

could seek for a legal aid over viability of a Pentagon contract following White House’s active intervention at the bidding process. On top of that, at the memorable Monday (October 28th), yesterday, benchmark Standard and Poor 500 topped its previous record closing high of 3,025.86 reached on July 26th, while Monday’s (October 28th) Wall St.

had witnessed an upsurge of 0.56 per cent to 3,039.54, S&P 500’s best-ever closing high, after rising as much as 0.71 per cent to 3,044.08 during morning US trading hours, while Dow added 0.49 per cent to 27,090.31 and Nasdaq torrented 1.01 per cent to round off Monday market just a notch shy to its all-time closing high of 8,330.21 at 8,325.99, after rising as much as 8,334.68 during late-US trading hours.

Meanwhile, referring to a fresh market optimism stemmed off decent progress of a Sino-US partial trade deal alongside another Fed rate-cut as early as later this week, a Chief Investment Officer at Greenwood Capital in Greenwood, South Carolina, Walter Todd said, “After we finish earnings season and get through this Fed meeting, people will be looking to the trade deal.

Importantly, as you watch the economic numbers come in here and globally between now and year end, you want to continue to see incremental positive sequential changes. You want to get some confirmation that in fact growth has bottomed and has started to improve. ”