The Dow and wider U.S. stock market rallied on Tuesday but failed to sustain intraday highs, as anxious investors shifted their focus to a fresh round of trade negotiations. The sensitivity of the upcoming negotiations didn’t prevent the United States from sailing two ships through the Taiwan Strait this weekend, in an operation that the administration says will become more routine moving forward.
Dow Backtracks from Session High
After rallying 180 points, the pulled back sharply in the afternoon session. The blue-chip index reported gains of 70 points, or 0.3%, to 25,587.46. Walt Disney Co (DIS) was the Dow’s top performer, gaining 2%.
The careened lower on Tuesday afternoon after mounting a major morning rally. | Source: Yahoo Finance
The broad S&P 500 Index of large-cap stocks climbed 0.4% to 2,809.76. Energy and consumer staples were the top performers, gaining 0.9% and 0.6%, respectively. On the opposite side of the , communication services and consumer discretionary shares were the main laggards.
The technology-focused Nasdaq Composite Index advanced 0.4% to 7,666.37.
U.S.-China Trade Negotiations in Focus
Donald emerges stronger following Mueller investigation. | Source: AP Photo/Manuel Balce Ceneta
President will send his top brass to Beijing this week to continue negotiating a new trade agreement with . U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin are scheduled to leave to Beijing on Thursday, where they will be greeted by a Chinese delegation headed by Vice Premier Liu He. ’s negotiating team will make a return trip to Washington, D.C. next week.
’s position strengthened over the weekend after U.S. Attorney General William Barr announced that a nearly two-year investigation by special counsel did not find incriminating evidence against the president. Mueller was investigating for colluding with Russia to influence the 2016 election.
The mainstream media happily fanned allegations that ’s campaign team was working with the Kremlin to take down during the last election cycle. The Mueller investigation appears to have silenced the president’s critics, but don’t expect an apology anytime soon.
U.S. and Chinese officials are looking to finalize a trade agreement by the end of April, though a firm deadline hasn’t been announced. Talks were initially set to run until early March, a self-imposed deadline agreed to by and Chinese counterpart Xi Jinping back in early December.
Published at Tue, 26 Mar 2019 19:16:12 +0000
