Dow, S&P 500 hit record closing high as US agrees to drawdown China tariffs


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Dow, S&P 500 hit record closing high as US agrees to drawdown China tariffs

On Thursday, the 7th of November 2019, all three key indexes of the Wall Street had curtained off the day in a flamboyant note, buoyed up by signs of recent progresses over a sixteen-month-long tormenting Sino-US trade spat, while the trade-sensitive Dow Jones Industrial Average alongside Standard & Poor 500 spiked to another record closing high as investors stomached the update, nonetheless controversial comments from some top officials of both Beijing and Washington had capped the gains.

In point of fact, Wall St. opened Thursday (November 7th) market in a flashy tune after Chinese Commerce Ministry spokesman Gao Feng had been quoted saying in a regular press briefing that the leading negotiators from both China and the United States had reached an accord to ward off tariff hikes in phases, however, Wall St.

indices had shrugged off much of its earlier gains in late afternoon US trading hours following reveal of media headlines that there had been internal opposition among US negotiations and the US negotiators had not reached a decisive conclusion on whether to roll back China tariffs.

Meanwhile, referring to investors’ frets over controversial trade talk headlines, president of a Toledo, Ohio-based investment advisory firm, Alan B. Lancz & Associates, Alan Lancz said on Thursday’s (November 7th) Wall St.

wrap up, “Any kind of uncertainty there, with the market at all-time highs, and it’s easy for traders and institutions to press the sell button and take some money off the table. ” Quoting statistics, on Thursday’s (November 7th) market wind down, S&P 500 added 0.27 per cent to 3,085.18, Dow gained 0.66 per cent to 27,674.80, while the tech-heavy Nasdaq Composite rose 0.28 per cent to round off Thursday’s (November 7th) Wall St. at 8,434.52.