Dow jumps 250 points to record HIGHS after China says it has agreed with US to roll back tariffs

14

Add this to  List of Trump Administration Accomplishments

Dow jumps 250 points to record after China says it has agreed with US to roll back tariffs

Economy could be better than many people are expecting in 2020, strategist says

Stocks rallied to record highs on Thursday after China said the world’s two largest economies had agreed to remove existing trade tariffs, lifting expectations around a possible resolution to the ongoing U.S.-China trade war.

The Dow Jones Industrial Average climbed 250 points, or 0.97% as trade bellwethers Caterpillar and Boeing were both up at least 1.5%. The S&P 500 rose 0.6% as the financials sector gained 1.1%. Energy stocks also advanced 1.4% while tech and communications services advanced 1.2% each.  The Nasdaq Composite, meanwhile, advanced 0.8%.

Chip stocks such as Micron Technology, Advanced Micro Devices and Skyworks Solutions all gained more than 1%. Apple shares advanced 1.1%.

Story continues below advertisement

Gao Feng, a ministry spokesperson for China’s Commerce Ministry, said that both sides had agreed to simultaneously cancel some existing tariffs on one another’s goods, according to the country’s state broadcaster. The ministry spokesperson said that both sides were closer to a so-called “phase one” trade agreement following constructive negotiations over the past two weeks.

“This gets us closer to a phase one trade deal, which is more important psychologically than fundamentally,” said Art Hogan, chief market strategist at National Securities. “It’s not as though we’re removing all tariffs and the economic drags dissipate, but what does dissipate significantly is the uncertainty.”

One important condition for a limited trade agreement, Feng insisted, was that the U.S. and China must remove the same amount of charges at the same time.

It comes after reports that a meeting between President Donald Trump and Chinese President Xi Jinping could be postponed until December — delaying a chance for the two leaders to sign an interim trade deal.

“The last 24 hours have seen a bit of whiplash in the U.S./China trade drama, as a potentially negative headline yesterday has been more than offset by a positive one this morning,” said Tom Essaye, founder of The Sevens Report, in a note to clients. But “it’s fair to say that at these levels, the market is already partially pricing in removal of the tariffs that were implemented on September 1.”

“That also means the risk is of disappointment is now real on an actual phase-one announcement, because if all we get is ‘what’s expected’ and we don’t see any existing tariff removal, we could easily see a sell-the-news reaction in stocks,” Essaye said.

Market participants had expected the two economic giants to sign a deal later this month, after both Washington and Beijing spoke of progress in talks late last week. The U.S. and China have imposed tariffs on billions of dollars’ worth of one another’s goods since the start of 2018, battering financial markets and souring business and consumer sentiment.

But the recent optimism around U.S.-China trade has helped stocks push to all-time highs recently. Over the past month, the S&P 500 is up more than 5%.

“We are seeing a nice follow-through on the back of the breakout, the most obvious one being the S&P 500 hitting all-time high,” said Katie Stockton, founder and managing partner at Fairlead Strategies. “The breakout is what helped the market sustain the positive momentum. The short-term overbought condition I think will give way to a little consolidation, but I’m not looking for significant pullback at least not in a couple of weeks.”

On the data front, the latest weekly jobless claims numbers came in at 211,000, down slightly from 218,000 in the previous week.

In corporate news, Booking Holdings, Disney and Activision Holdings are the companies set to report their latest quarterly figures after market close.

Qualcomm shares jumped more than 7% after reporting Wednesday quarterly results that topped analyst expectations. The company’s results were driven by strength in Qualcomm’s licensing business.

The Truth Must be Told

Your contribution supports independent journalism

Please take a moment to consider this. Now, more than ever, people are reading Geller Report for news they won't get anywhere else. But advertising revenues have all but disappeared. Google Adsense is the online advertising monopoly and they have banned us. Social media giants like Facebook and Twitter have blocked and shadow-banned our accounts. But we won't put up a paywall. Because never has the free world needed independent journalism more.

Everyone who reads our reporting knows the Geller Report covers the news the media won't. We cannot do our ground-breaking report without your support. We must continue to report on the global jihad and the left's war on freedom. Our readers’ contributions make that possible.

Geller Report's independent, investigative journalism takes a lot of time, money and hard work to produce. But we do it because we believe our work is critical in the fight for freedom and because it is your fight, too.

Please contribute here.

or

Make a monthly commitment to support The Geller Report – choose the option that suits you best.

Quick note: We cannot do this without your support. Fact. Our work is made possible by you and only you. We receive no grants, government handouts, or major funding. Tech giants are shutting us down. You know this. Twitter, LinkedIn, Google Adsense, Pinterest permanently banned us. Facebook, Google search et al have shadow-banned, suspended and deleted us from your news feeds. They are disappearing us. But we are here.

Subscribe to Geller Report newsletter here— it’s free and it’s essential NOW when informed decision making and opinion is essential to America's survival. Share our posts on your social channels and with your email contacts. Fight the great fight.

Follow Pamela Geller on Gettr. I am there. click here.

Follow Pamela Geller on
Trump's social media platform, Truth Social. It's open and free.

Remember, YOU make the work possible. If you can, please contribute to Geller Report.

Join The Conversation. Leave a Comment.

We have no tolerance for comments containing violence, racism, profanity, vulgarity, doxing, or discourteous behavior. If a comment is spammy or unhelpful, click the - symbol under the comment to let us know. Thank you for partnering with us to maintain fruitful conversation.

If you would like to join the conversation, but don't have an account, you can sign up for one right here.

If you are having problems leaving a comment, it's likely because you are using an ad blocker, something that break ads, of course, but also breaks the comments section of our site. If you are using an ad blocker, and would like to share your thoughts, please disable your ad blocker. We look forward to seeing your comments below.

0 0 votes
Article Rating
14 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments
felix1999
felix1999
4 years ago

Off topic – Is is ONLY ABOUT MONEY ?????????
All this hand wringing over Islam and LBGTQ+ is aiding the enemy!
SOCIAL LIBERALS are destroying our country, one child at a time!
Destruction of the family is critical for them.
Your values and beliefs must only come from the GOVERNMENT.

LBGTQ+ has ALWAYS been immoral and wrong.
There is NO “gay gene” and NO they are not “born that way”.
BGTQ+ is totally based on ABUSE. There is nothing “normal” about it. Now LBGTQ+ is gaining
special rights. You can be an atheist and see that. This damages, confuses and destroys kids!
PARENTS are their worst enemy! Parent your kids and END THIS!

Is defending LBGTQ+ worth a FEW VOTES? Really?
Blind USEFUL IDIOTS SUPPORTING THE LEFT!

Former Planned Parenthood Trainer:
Sex Ed Book Seeks ‘to Groom Children for Early Onset of Sex’

BY DR. SUSAN BERRY 6 Nov 2019

A former Title X family planning training manager and volunteer educator for Planned Parenthood says the abortion vendor’s new graphic sex ed book is intended “to groom children” for early sexual experiences.

Monica Cline told Breitbart News that Planned Parenthood’s new sex ed book, titled In Case You’re Curious, “targets children with just enough cuteness” to be able to present itself as a resource for curious children seeking answers to questions about sex.

Cline, who left Planned Parenthood after she learned the organization’s main goal was to develop a continued stream of abortions, said the book gives the appearance of being “age appropriate” while it doles out
“a whole lot of hyper sexualized answers to groom children for early onset of sex”:

Their clever marketing and rhetoric deceives children, and many adults, into believing that sexuality is a game to be played without consequence. They have taken something that is positive and life changing, and reduced it to sexual experimentation using condoms, lubrication, getting tested for disease,
getting treatment, aborting unplanned pregnancies and then start all over again. We can do better than that.

“Planned Parenthood is afraid of educated, engaged, protective and confident parents,” she asserted:

Remember, they think that parents are a barrier to service. They depend on the public submitting to
them as the “sex experts” but they have little to offer with their low standards and bullying tactics
against parents who want to protect their children from disease, unplanned pregnancies and compromised emotional health.

The first chapter of the book is titled “Can You Die from Masturbating Too Much?” Subsequent
chapters include “Do Guys Really Cum in Their Sleep?” and “Is Twelve Too Young to Know I’m Bi?”

“They justify their actions by stating that they are simply answering the questions of curious youth,” explained Cline, who left Planned Parenthood and ultimately founded her own website and organization called
It Takes a Family. Now, she urges parents to “reclaim parenthood” and provides them with resources needed to build up trust in family bonds.

Planned Parenthood continues to put its seal of approval on young people having sex.

“Hooking up?” asked Planned Parenthood in a recent tweet. “Here are 12 ways to do it right.” The tweet contains a link to a Teen Vogue article, titled “How to Be an Ethical Hook-Up Partner,” which targets adolescents. The article states:…..

Despite the often-negative press, hookups, or, short term sexual/intimate encounters, like one-night stands, summer flings, and semester-long friends-with-benefits relationships, can come with a lot of descriptors: “casual,” “fun,” “random,” and “spontaneous” can be some, but can they also be ethical, considerate, and satisfying? We think yes!


She pointed to a Centers for Disease Control and Prevention (CDC) report that revealed the number of cases of sexually transmitted diseases (STDs) in the United States has skyrocketed for the fifth year in a row.

“The CDC has reported more staggering numbers of the STD epidemic among youth and Planned Parenthood’s response is to further sexualize children in the name of sexual rights,” Cline said

https://www.breitbart.com/politics/2019/11/06/former-planned-parenthood-trainer-sex-ed-book-seeks-groom-children-early-onset-sex/

Suresh
Suresh
4 years ago

In simple words Trump failed , china won. The huge surplus will get worse and chinese imports will surge and destroy
American industries.

not surprising at all. American bizness and politicians make big money by importing from china, why will they
manufacture in America and reduce their profits ?

Its like aiding the enemy to get stronger. Its better to import if required from friendly countries in asia not china

joe shmoe
joe shmoe
4 years ago

this is good news but it could be a trap. china really, i mean REALLY wants a biden president, he is already bought and paid for. china may be pumping up the stock market only to drop it 1 month before the election

felix1999
felix1999
4 years ago
Reply to  joe shmoe

China is financially hemorrhaging.

Dorrie - Conservative
Dorrie - Conservative
4 years ago
Reply to  felix1999

True, but not enough!! Every store I go into is still selling Chinese crap! From kitchen ware to clothing. We even get PRESCRIPTION DRUGS from China and they are NOT (I repeat, they are NOT) safe! But the pharmacy will not tell the patient where the drug comes from!! China is getting fentinyl into the U.S. thru Mexico still and it kills thousands of Americans every day. In fact, fentinyl MIGHT be put into our prescription medications as well!! BEWARE!! Trump should NOT take the terriffs off China – not now, not for at least another 4-5 years!!

Dorrie - Conservative
Dorrie - Conservative
4 years ago

A few years ago, China even put a plastic material (used for making dishes) into DOG food going to this country. THOUSANDS of dogs were killed because of it, but we kept buying the stuff from China! WHY?!

Dorrie - Conservative
Dorrie - Conservative
4 years ago
Reply to  felix1999

True, but not enough!! Every store I go into is still selling Chinese crap! From kitchen ware to clothing. We even get PRESCRIPTION DRUGS from China and they are NOT (I repeat, they are NOT) safe! But the pharmacy will not tell the patient where the drug comes from!! China is getting fentinyl into the U.S. thru Mexico still and it kills thousands of Americans every day. In fact, fentinyl MIGHT be put into our prescription medications as well!! BEWARE!! Trump should NOT take the terriffs off China – not now, not for at least another 4-5 years!!

MichiganCPA
MichiganCPA
4 years ago

Imagine what’ll happen when Pelosi finally allows a vote on Trump’s new NAFTA deal. No wonder she’s keeping it bottled up until after Nov. 2020. MORE WINNING!

felix1999
felix1999
4 years ago
Reply to  MichiganCPA

I don’t think she will allow a vote. The focus is on impeaching and getting rid of Trump.
She doesn’t want to make Trump look good and God forbid MORE JOBS and companies
coming back. Hope I am wrong.

AR154U☑ᵀʳᵘᵐᵖ DEPLORABLE 2020
AR154U☑ᵀʳᵘᵐᵖ DEPLORABLE 2020
4 years ago

comment image

Shari
Shari
4 years ago

After several yrs I chosen to discontinue my previous occupation and it changed my everyday life… I started doing a job through online, for a company I found out on-line, for a number of hours every day, and I gain a lot more than I actually did on my previous job… Very last pay-check I acquired was 9000 bucks… Stunning point regarding this is that I get more time for my family and friends. Look it over, what it’s all about… glo.wf/73eSV

Shari
Shari
4 years ago

After several yrs I chosen to discontinue my previous occupation and it changed my everyday life… I started doing a job through online, for a company I found out on-line, for a number of hours every day, and I gain a lot more than I actually did on my previous job… Very last pay-check I acquired was 9000 bucks… Stunning point regarding this is that I get more time for my family and friends. Look it over, what it’s all about… glo.wf/73eSV

Dorrie - Conservative
Dorrie - Conservative
4 years ago

Trump should NOT have given up that quickly! Go in ANY store now and all you see is crap from China! Even Kroger/Fred Meyer ONLY sells Chinese clothing now, called “TIP”! It’s cheaper than their usual lines were, but I won’t buy CHINESE TRASH!! I’ve had it with what they’re doing to this country and the Tarriffs should have stayed in place PERMANENTLY!! We need th choke the CRAP out of China!!

Sponsored
Geller Report
Thanks for sharing!