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01-Dec2018

US markets end higher ahead of trade talks

After a day of halt, the US markets again gained the momentum and ended higher on Friday, with Dow Jones adding around 200 points, on the outlook for trade ahead of a meeting between the American and Chinese presidents. Sentiments also remained optimistic after upbeat comments from a US trade official who suggested that some sort of a trade deal is possible during a meeting between President Donald Trump and Chinese leader Xi Jinping at the G-20 summit in Argentina. Investors are hopeful that the US-China trade negotiations will be resolved in a similar way as the US-China-Mexico pact, which was agreed to only after the president issued a series of tough statements, and engaged in significant brinkmanship, before finally compromising on a deal at the 11th hour.

On the economic front, MNI Indicators released a report unexpectedly showing a substantial acceleration in the pace of growth in Chicago-area business activity in the month of November. MNI Indicators said its Chicago business barometer jumped 8 points to 66.4 in November after falling to 58.4 in October, with a reading above 50 indicating growth in business activity. The survey is often seen as a bellwether for the broader US economy. Street had expected the index to edge down to 58.0. The unexpected jump reflected increases across all five of the barometer's subcomponents, with resurgent orders, solid output and higher unfinished orders the month's key drivers.

Dow Jones Industrial Average surged 199.62 points or 0.79 percent to 25,538.46, S&P 500 jumped 22.41 points or 0.82 percent to 2,760.17 and Nasdaq was up by 57.45 points or 0.79 percent to 7,330.54.


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