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03-Jan2019

US markets end marginally higher on Wednesday

The US markets ended marginally higher on Wednesday as traders picked up stocks at reduced levels following the steep losses posted last year. Meanwhile, participants were watching a partial US government shutdown that is nearing its second week as President Trump mets with top lawmakers to discuss reopening the government by resolving a dispute over funding for the expansion of the US-Mexico border wall. However, gains remained capped amid lingering concerns about the outlook for to the global economy following the release of a report showing a contraction in Chinese manufacturing activity in the month of December.

The report said the Caixin/Markit manufacturing purchasing managers' index edged down to 49.7 in December from 50.2 in November. The reading below 50 indicated the first contraction in nineteen months. Besides, trump said that equities should recover when the US completes trade deals with countries like China. He said 'Our country is doing better by far than any other country in the world. We are the talk of the world'.  Further he asserted 'We had a little glitch in the stock market last month, but we are still up about 30% from the time I got elected'.

Dow Jones Industrial Average gained 18.78 points or 0.08 percent to 23346.24, Nasdaq added 30.66 points or 0.46 percent to 6665.94 and S&P 500 was up by 3.18 points or 0.13 percent to 2510.03.


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