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US-STOCKS-MARKETS
US stocks jump as shutdown, trade fears recede
NEW YORK, Feb 13, 2019 (BSS/AFP) – Wall Street stocks jumped Tuesday as
President Donald Trump downplayed the chance of another government shutdown
and said he could delay new tariffs on Chinese imports.
The Dow jones Industrial Average snapped a four-day losing streak, soaring
more than 370 points to close up 1.5 percent at 25,425.76.
The broader S&P 500 rose 1.3 percent, closing at 2,744.73, while the tech-
rich Nasdaq Composite Index also added 1.5 percent, closing at 7,414.62
The US president, while not ruling anything out, suggested his latest
funding fight with congressional Democrats over border security would not
result in another shutdown.
Trump told reporters he was not pleased with a deal by bipartisan
lawmakers to offer nearly $1.4 billion for a barrier along the southern US
frontier — far less than the $5.7 billion he initially sought.
“I can’t say I’m happy, I can’t say I’m thrilled,” Trump said. But he also
told a Cabinet meeting in the White House: “I don’t think you’re going to see
a shutdown.”
During a back-and-forth with reporters at the same meeting, Trump also
said he would consider extending the deadline for a trade deal with China
beyond March 1.
“If we’re close to a deal, where we think we can make a real deal… I
could see myself letting that slide for a little while,” Trump said.
The comments came as the third round of trade negotiations were set to
resume in Beijing to avert more than doubling tariffs on $200 billion in
Chinese imports.
Stocks were in positive territory prior to Trump’s remarks, but added to
gains.
“We got good news on two hot-button issues,” said Jack Ablin, chief
investment officer at Cresset Capital Management.
Tuesday’s gains were fairly broad-based, with Caterpillar, DowDuPont,
Intel, 3M and UnitedHealth Group among the Dow members rising more than two
percent.
Cosmetics company Coty shot up 12.5 percent after JAB Holding Company
proposed buying up to 150 million shares, raising its stake to about 60
percent of the company.
JAB manages the fortune of Germany’s Reimann family.
Gilead Sciences fell 3.3 percent after reporting disappointing clinical
results of a treatment for cirrhosis.
BSS/AFP/HR/1000