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16-Nov2018

US markets end considerably higher on Thursday

The US markets made strong come back and ended the Thursday's session considerably higher, with major indices gaining around a percent, amid optimism about trade after a report which said the US and China have intensified efforts to reach a trade agreement at the G20 summit later this month. The FT said negotiators stepped up efforts following a telephone call between US President Donald Trump and Chinese President Xi Jinping earlier this month. The FT said China subsequently responded to US requests to address a range of sticking points, with senior US and Chinese officials discussing the possibility of concessions. Meanwhile, the early weakness in the markets came amid lingering concerns about the global economic outlook as well as news of the resignation of UK Brexit Secretary Dominic Raab.

Moreover, the Commerce Department in its latest report revealed that retail sales in the US increased by more than anticipated in the month of October. The Commerce Department said retail sales advanced by 0.8 percent in October following a revised 0.1 percent dip in September. Street had expected retail sales to climb by 0.5 percent compared to the 0.1 percent uptick originally reported for the previous month. Excluding a jump in auto sales, retail sales still rose by 0.7 percent in October after edging down by 0.1 percent in September. Ex-auto sales had been expected to increase by 0.5 percent. Meanwhile, closely watched core retail sales, which exclude automobiles, gasoline, building materials and food services, rose by 0.3 percent in October, matching the downwardly revise increase in September.

Dow Jones Industrial Average surged 208.77 points or 0.83 percent to 25,289.27, Nasdaq gained 122.64 points or 1.72 percent to 7,259.03 and S&P 500 was up by 28.62 points or 1.06 percent to 2,730.20.


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