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21-Aug2018

US markets close higher for third session on Monday

Magnifying their up move for third straight session, the US markets ended higher on Monday, as a pair of billion-dollar deals reaffirmed confidence that the US economy continues its steady expansion. Optimism that progress would be made toward resolving contentious trade disputes between the US and China also bolstered sentiment. Stocks remained buoyed following a report on Friday that negotiators from the US and China were mapping out talks with the aim of resolving the trade dispute by November. Such an outcome would remove a huge overhang of uncertainty over the markets. Further, a resurgence in deal-making activity also buoyed sentiment in several sectors.

However, markets trimmed their gains just ahead of the closing bell, after private report that President Donald Trump escalated his criticism of Fed Chairman Jerome Powell and higher interest rates. Besides, this week will see the imposition of 25% tariffs on $16 billion worth of Chinese imports, an action by the Trump administration that China has said it would retaliate against. Looking ahead, Wednesday will see the release of minutes from the Federal Reserve's most recent meeting, which could provide insight into the central bank's thinking in terms of policy changes.

Dow Jones Industrial Average gained 89.37 points or 0.35 percent to 25758.69, the S&P 500 added 6.92 points or 0.24 percent to 2857.05 and Nasdaq was up by 4.68 points or 0.06 percent to 7821.01.


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