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BCN-21
US-STOCKS-MARKETS
US stocks edge up ahead of trade talks
NEW YORK, Nov 28, 2018 (BSS/AFP) – Wall Street stocks shrugged off early
weakness Tuesday and finished modestly higher as investors weighed the odds
for progress on the US-China trade fight.
The Dow Jones Industrial Average gained 0.4 percent to close the day at
24,748.73.
The broad-based S&P 500 climbed 0.3 percent to end at 2,682.20, while the
tech-rich Nasdaq Composite Index was essentially flat at 7,082.70.
US stocks opened lower after US President Donald Trump on Monday appeared
to dismiss the idea of a deal with China at this week’s Group of 20 summit.
But the more upbeat comments on Tuesday from White House economic advisor
Larry Kudlow on the possibility of an agreement cheered investors.
“There’s a good possibility we can make a deal and he’s open to it but
certain conditions have to be met, certain things have to be changed,” Kudlow
told a White House briefing.
Karl Haeling at LBBW said, “There is not a lot of optimism for a real
meaningful lasting agreement, but the market is now looking at the
possibility for at least a symbolic sort of agreement that does not really
deal with the longer term issues.”
“Possibly (Trump) could surprise people and make a deal.”
US consumer confidence dipped in November, but stayed near a historically
high level and topped analyst expectations, according to data from the
Conference Board.
Dow member United Technologies fell 4.1 percent after unveiling a plan to
split into three companies comprising aerospace, elevators and heating and
ventilation.
General Motors slid 2.6 percent after Trump threatened to end subsidies to
the company following its decision to cut jobs and shutter seven factories in
Ohio, Michigan and other areas.
BSS/AFP/HR/0950