Wall St. drops after S&P notches record, Fed on focus


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Wall St. drops after S&P notches record, Fed on focus

On Tuesday, the 29th of October 2019, the benchmark Standard & Poor 500 index had snapped its four straight session of gains in a row and was dragged down from a record closing high as investors were bracing for a flurry of mixed earnings’ reports, while a latest update on an interim trade deal between the US and China had weighed on investors’ optimism.

In point of fact, optimisms of a Sino-US trade deal alongside hope of another Fed rate-cut by Wednesday (October 30th) amid a sharply slowing US economy, had catapulted S&P 500 to breach its record closing high on yesterday (October 28th) and uplifted tech-heavy Nasdaq composite just a notch shy of its record closing high reach on August this year, but indexes pared some of their earlier gains on Tuesday (October 29th) following reveal of media headlines that a Sino-US interim deal might not be prepared to get rubber stamped by mid-November, when US President Donald Trump alongside his Chinese Counterpart Xi Jinping were due to meet over the sidelines of an APEC Chile 2019 summit due to be held on November 16th-17th.

Meanwhile, voicing an optimistic tone over recent leg of gains of Wall St., a chief market strategist at TD Ameritrade in Chicago, JJ Kinahan said on Tuesday’s (October 29th) Wall St. closure, “It is actually impressive that we have held these gains, even if we are down slightly, it is a pretty impressive day considering what is going on, that there hasn’t been this hard sell-off pressure.

The encouraging thing is we are trading more on what you should be trading on, that being earnings, and less on rumour and innuendo, which is a nice change of pace and how the market should work. ” Quoting statistics, on Tuesday’s (October 29th) market wrap-up, Nasdaq was tottered 0.59 per cent to 8,276.85, Dow shed 0.07 per cent to 27,071.42, while S&P 500 winded down Tuesday’s (October 29th) market a penny lower to 3,036.89.