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Indian-Commodity  :  International & World Stock  :  US markets close higher as US-China trade tensions recede

US markets close higher as US-China trade tensions recede (22-May-2018)

The US markets ended higher on Monday with the Dow industrials climbing back to above 25,000, marking its highest close since March 12 and the S&P 500 finishing at a roughly nine-week high as investors cheered easing trade tension between the U.S. and China. The sentiments remained upbeat after Treasury Secretary Steven Mnuchin said over the weekend that the Trump administration would delay implementation of tariffs on Chinese goods and put the trade war on hold while working out details of a deal between the countries. Though, a conflicting statement was released by U.S. Trade Representative Robert Lighthizer, who said Washington may still resort to tariffs. But, Mnuchin insisted that the administration is unified after agreeing over the weekend not to impose tariffs on China. At the end of trade negotiations this weekend, China agreed to buy larger amounts of U.S. goods to help narrow the trade deficit between the two economies, but didn't agree to the specific U.S. target of $200 billion.

In addition, traders remained watchful ahead of events including, releases of the latest meeting minutes from both the Federal Reserve and European Central Bank, a slew of debt sales from the U.S. and preliminary purchasing manager indexes from the euro zone. Meanwhile, geopolitical stress lingers, with South Korea President Moon Jae-in visiting Washington to discuss North Korea and Brexit negotiations ongoing.

The Nasdaq surged 39.70 points or 0.54 percent to 7,394.04, the S&P 500 jumped 20.04 points or 0.74 percent to 2,733.01 and the Dow Jones Industrial Average was up by 298.20 points or 1.21% to 25,013.29. 


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