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US-STOCKS-MARKETS
US stocks edge higher after strong Walmart results
NEW YORK, Feb 20, 2019 (BSS/AFP) – Wall Street stocks scraped out narrow
gains on Tuesday on strong Walmart earnings and continued optimism over US-
China trade talks.
The Dow Jones Industrial Average finished a choppy session up less than
0.1 percent at 25,891.32.
The broad-based S&P 500 gained 0.2 percent to 2,779.76 and the tech-rich
Nasdaq Composite Index also advanced 0.2 percent to 7,486.77.
US and Chinese officials resumed high-stakes negotiations in Washington
aimed at ending a damaging tariff war between the economic superpowers.
US President Donald Trump said the talks were “going very well” but are
“very complex.”
He suggested he could extend a March 1 deadline to impose new tariff
measures if a final deal is not reached in time, saying the start of the next
month is “not a magical date.”
Art Hogan, chief market strategist at National, said investors remain
encouraged by the current state of talks between the two countries.
“The perception is negotiations continue,” he said. “We’re not there yet
but if we get to the deadline, the situation won’t escalate.”
Hogan also cited Walmart earnings as a positive. The world’s biggest
retailer reported a nearly 70 percent jump in fourth-quarter profits to $3.7
billion following strong holiday sales. The retailer led the Dow with a 2.2
percent increase.
The Walmart earnings were reassuring after a disappointing December US
retail sales report released last week.
The S&P 500 has risen about 18 percent since December 24, a rally that
some analysts think could set the stage for profit taking or sideways
movement.
Besides the trade talks, investors are eyeing minutes from the Federal
Reserve’s last policy meeting, which will be released on Wednesday.
The US central bank shifted to a more dovish posture at the last meeting,
a key factor in the stock market’s rally since late December.
BSS/AFP/HR/0950