Breaking News

You are here » Indian-Commodity  :  International & World Stock  :  US markets end mostly higher on Wednesday


US markets end mostly higher on Wednesday

The US markets ended mostly higher on Wednesday as investors increased bets on a favorable outcome in the trade dispute between the United States and China. Besides, a jump in bank stocks in response to rising interest rates also supported the gains, while weak technology sector hobbled the Nasdaq. Bank stocks are being driven higher by a jump in the US Treasury note yield to 3.09%, its highest level since May.

Chinese Premier Li Keqiang said China was facing greater difficulties in keeping its economy stable. He also said deeply integrated into the world economy, the Chinese economy is inevitably affected by notable changes in the global economic and trade context.  Li added, however, the Chinese have sufficient tools to manage these difficulties. The comments suggest that China is digging in to resist the aggressive attempts by the Trump administration to force it to make concessions on trade. Although the headlines read on Tuesday that the trade dispute was escalating, the rally in the US stock market suggests otherwise.

On the economic front, the US current-account deficit, a core component in a country's balance of payments, shrank 17% in the second quarter and touched the lowest level in three years, though the dropoff is unlikely to last. The government said the deficit dropped to $101.5 billion from a revised $121.7 billion in the first quarter. The current account includes not just trade but also investments made abroad as well as personal cash transfers such as foreign workers sending money home. The current account deficit was 2% of GDP in the second quarter. That's down from 2.4% in the first quarter and well below a peak of 6.3% in 2005.

Dow Jones Industrial Average jumped 158.80 points or 0.61 percent to 26,405.76, the S&P 500 rose 3.64 points or 0.13 percent to 2,907.95, while Nasdaq was down by 6.07 points or 0.08 percent to 7,950.04.

Related News

View all news

US markets end higher after Trump says China trade talks to continue

The US markets ended higher on Friday after key negotiators cast a positive glow on trade talks. US Secretary of Treasury Steven Mnuchin indicated that bilateral talks were constructive even though an......

US markets lower after US President claims China broke the deal

The US markets ended lower on Thursday as trade tensions ramped up after US President Donald Trump threatened tariff retaliation on China, which he claims broke the deal. Anxiety over the prospect of a......

US markets end mostly lower on Wednesday

The US markets ended mostly lower on Wednesday as worries over US-China trade talks lingered. A notice in the Federal Register formally laid the groundwork to raise tariffs on $200 billion of Chinese imports......

Top News

View all news

SRF, NIIT Technologies and United Bank of India to see some action today

SRF has entered into a definitive agreement to sell its Engineering Plastics Business to DSM, the Life Sciences and Materials Sciences Company in an all-cash transaction, amounting to Rs 320 crore. The......

NIIT Technologies concludes sale of 88.99% stake in ESRI India Technologies

NIIT Technologies has concluded the sale of 88.99% equity shares in ESRI India Technologies, India to Environment Systems Research Institute Inc., USA. Consequent to above sale, ESRI India Technologies,......

United Bank of India to raise Rs 1,500 crore by various means

United Bank of India has received approval to raise equity capital not exceeding Rs 1,500 crore in one or more tranches during the financial year by way of Qualified Institutions Placement, Public Issue,......