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16-Jan2019

US markets end higher on Tuesday

The US markets ended higher on Tuesday, with the S&P 500 and the Nasdaq settling above psychologically important levels for the first time in a month, as a robust tech rally offset lackluster results from major US banks, including Dow-component JPMorgan Chase & Co. Meanwhile, fresh round of stimulus in China have also helped to calm fears about the impact of slower Chinese growth on the global economy. An announcement from the People's Bank of China that it would increase efforts to spur their economy by improving credit availability for smaller companies and a pledge by the Chinese Ministry of Finance to cut taxes and ramp up infrastructure spending helped to buoy market sentiment.

On the economic front, a report released by the Labor Department showed a modest decrease in producer prices in the month of December. The Labor Department said its producer price index for final demand dipped by 0.2 percent in December after inching up by 0.1 percent in November. Street had expected prices to slip by 0.1 percent. Excluding food and energy prices, core producer prices edged down by 0.1 percent in December after climbing by 0.3 percent in November. Core prices had been expected to rise by 0.2 percent. Meanwhile, a separate report released by the Federal Reserve Bank of New York showed New York manufacturing activity grew at its slowest pace in over a year in the month of January. The New York Fed said its general business conditions index slumped to 3.9 in January after tumbling to a revised 11.5 in December. A positive reading still indicates growth, although Street had expected the index to show a much more modest decrease to 10.8.

Dow Jones Industrial Average gained 155.75 points or 0.65 percent to 24065.59, Nasdaq surged 117.92 points or 1.71 percent to 7023.83 and S&P 500 was up by 27.69 points or 1.07 to 2610.30.


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