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28-Jan2019

US market end higher on Friday

The US markets ended higher on Friday as investors focused on a broadly positive picture painted by earnings season so far.  Support also came as US Treasury Secretary Steven Mnuchin reportedly said the US and China are making a lot of progress in trade talks. Mnuchin is looking forward to a meeting with Chinese Vice Premier Liu He next week, which will also include discussions on currency issues. Besides, Stocks remained firmly positive as President Donald Trump announced an agreement to end the record-setting government shutdown. Trump revealed in a speech from the White House rose garden that lawmakers will vote later today on legislation to fund the shuttered parts of the government until February 15. The bill will not include money for Trump's controversial border wall, which was the issue that led to the longest government shutdown in US history.

Trump indicated that the three weeks of funding provided by the legislation will give lawmakers time to negotiate on the contentious issue of border security. Trump said 'Many disagree, but I really feel that, working with Democrats and Republicans, we can make a truly great and secure deal happen for everyone'. With the announcement, Trump seemed to give in to Democratic demands to re-open the government before negotiating on border security. Though, if an agreement on border security is not reached by February 15, Trump suggested the government could shut down again or he could declare the situation on the border a national emergency.

Dow Jones Industrial Average surged 183.96 points or 0.75 percent to 24737.20, Nasdaq gained 91.40 points or 1.29 percent to 7164.86 and S&P 500 was up by 22.43 points or 0.85 percent to 2664.76.


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